Commercial Insurance Broker Case Study
Restructuring the sales organization, developing a sales playbook, and improving branch management effectiveness allowed the company to leverage its leadership position.
Situation and 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 a 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
