How a leading finance sector client increased sales conversion rates and reduced the cost per sale

Objective

Our client was seeking to transform their business and shift consumer behaviour to purchasing products online.

Scope

To develop new product solutions for clients coupled with the introduction of competency based job profiles and performance management, underpinned by a new insurance system.

Approach

A small team re-engineered system processes to leverage capability of the incoming insurance system and the new product solutions. A second team worked with sales teams to design job profiles and sales performance criteria. Business leaders championed the change and integrated implementation.

Results

Sales conversion rates increased by 30%. Changes in the sales process saw a shift in consumer behaviour to greater purchasing online.

Increase in sales conversion rates simultaneously increased revenue and reduced cost-per-sale. Change in sales behaviour made it possible to close branch outlets, leading to a 50% reduction in distribution costs within 3 years.