Increasing the customer life-time value in a disruptive, digital era

Prudential, a global life insurance and financial services company, engaged Influence Solutions to increase the customer life-time value by changing the selling approach of the Singapore bancassurance team, comprising 50 Financial Service Consultants (FSCs).

 

Challenges Faced

• Mobile banking and changing customer habits had resulted in a decrease in customer footfall in banks.
• The prevalent sales culture focused on closing customer deals for immediate wins, rather than developing relationships and exploring multiple needs that could lead to longer-term and larger gains.
• The challenge was to help the bancassurance team see the value of moving beyond the transaction, so that they can be viewed as trusted advisors by clients and prospects.

The Aim

• Enhance sales, customer retention and customer life-value by empowering the bancassurance team with a relationship-entered approach that demonstrated the Prudential values of always listening, always understanding.
• Helping the FSCs realise that this training initiative was a mark of respect and care that Prudential was investing in their growth, and it would benefit them personally and professionally.

Solution and Results

• Influence Solutions worked closely with the Chief Partnerships Distribution Officer (CPDO), Head of Customer Experience Management and the Training and Development Team to develop The Prudential Game Changer Series; a comprehensive, fiscally prudent solution, comprising of half-day workshops to empower the bancassurance team to adopt a customer-first mindset and function beyond the transaction.
• This solution was delivered through multiple runs of monthly workshops to about 50 FSC and HR personnel.
• The book - Win People Over was utilised as a corporate resource book, with a personalised message written for each participant by the CPDO. 
• Participants indicated that they were inspired by the solution and their willingness to apply the concepts was at an amazing 84%.
• There was a 10% increase in the level of understanding at each intervention, of how to transform their selling approach, translating to an increase in revenues and multiple product sales per customer.