Commercial Insurance Broker

Challenge

  • Through industry consolidation this large, European independent insurance broker was in a leadership position but was unsure how to capitalize on it
  • Blue Ridge Partners was asked to perform an assessment of the broker’s sales organization and identify opportunities to leverage its leadership position and accelerate revenue growth

Approach

  • Conducted in-depth assessment of internal brokers including numerous in-person broker field visits
  • Performed a Skill/Will analysis of account executives and new business development executives to identify strengths and gaps
  • Mapped distribution of hunters versus farmers in the sales force
  • Analyzed market penetration rates across sample broker geographies
  • Performed account executive and development executive compensation analysis
  • Performed The Nine Voices of the Market® interviews to better understand the external market perspective and the client’s current value proposition
  • Developed series of solutions for identified opportunity areas

Impact

  • A new team-based approach and additional resources to support new business development activities led to increased new revenues
  • A new standard playbook and tools provide improved branch management effectiveness and enabled management of behaviors in addition to results
  • Aligning compensation incentives and bonus structures with business goals provided sufficient incentive for sales reps to drive to the next level
  • Coordinated best practices lead generation activities across branches ensured a healthy pipeline of high quality prospects
  • Closing delivery gaps in offering value propositions provided brokers a differentiated service to sell

Limited New Business Development Talent

Projected Initiatives Income Bridge

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