Profin Case Studies Flashcards
Hiscox
Mixed solution (process and behavior):
Hiscox needed to address large skill gap within their underwriters, teaching foundational technical skills and helping them apply skills in real-world envionment
For underwriters with 2-5 years experience combining: technical underwriting, excel skills, and behavioral scenarios (replacing 2 day live workshop)
- 92% of knowledge gap closed
- Training repeated 4.8 times on average
- 82% said they can use the learning directly in their role
- 71% reduction in underwriter failure rates
Accenture
SKILLS: Sharpening commercial acumen for MDs
Senior stakeholders needed more effective training to better equip them with tools to perform commercially and strengthen their financial understanding
For: Accenture leaders and management
- 93% built a better understanding of financial acumen
- over 60% of leaders returned to play multiple times
- leaders spent over 45 min playing the game on average
BEHAVIOR: Empowering leaders to originate high-value deals
Created immersive scenarios navigating complex negotiations and assessing pipeline prioritization (targeted at over 1500 Accenture leaders)
- 90% can apply learnings to day-to-day work
- 90% enjoyed the learning experience
- 88% better understand financial responsibilities and decision making
Zurich
• Helped learners become experts at managing difficult conversations and negotiations with brokers and clients
- —–Focus on developing skills and behaviors for Intake Protection Zone (all IPZ members):
1. Aversion to confrontations
2. Confronting techniques
Prioritizing customer in all decision-making / ensuring transparent communication / smooth working relationships between teams
- reduced knowledge gap by 85%
- 87% enjoyed it
RSA Insurance
• Reduced onboarding time and improved ramp-up of skills for new hires
IF Insurance
• Delivered interactive product training to 3rd party car dealers, improving sales and employee engagement
American National Insurance
• Improved the call center teams handling of caller verification, fraud identification and payment methods Don’t have their own agents so need to keep their product enticing and top of mind for reps
HELP Insurance
HELP Insurance – training third party real estate agents on selling insurance
Note: Anonymize brand name – or wait until client owner has checked with
Help if its ok
Main goal: Increase insurance sales by improving the product knowledge
and sales capabilities of real estate agents
Focus areas: Product knowledge emphasizing the value of different
insurance options for different customers and the corresponding sales
arguments
Target group: real estate agents
Nordea
Nordea: - training third party agents on financing
Note: Anonymize brand name – or wait until client owner has checked with
Nordea if its ok
Main goal: Increase sales and third party agent loyalty through a highly
efficient and scalable training on financing
Focus areas: Simulate realistic customer interactions where the agents
practice on uncovering financing needs and matching these with Nordea
Finance products
Target group: Car salesmen
Results:
Highlight high engagement and adoption from third party agents. 84% adoption for non-mandatory 3rd party training is insane!
Big Challenges in the space
- Retention
- Tech evolving / digital transformation
- Skills inc data / analytics impact
- Onboarding
- Shift of power from employer to employee
Codan Insurance
Agents - paid on performance.
Need to get them performing quickly or they leave / Need to feel invested in and
enabled
Role Specific Challenges
ONBOARDING:
- Customer Service: (esp long onboarding times / high turnover - turnover and training both costly) —Equiniti customer service onboarding!
- Underwriting: (based on judgement - typically requires experience/ previously only possible through mentoring and risk experiences with actual clients - puts business at risk and requires lots of resources
- Claims: comes with a significant amount of judgement and can often be intimidating in early days
- –
ONGOING DEV:
- underwriting (same as above)
- Manager Training: classic examples of promoting best performing individuals who aren’t managers —-Academy of executive coaching
-Digital transformation: requires reskilling /
training on new ways of working — Zurich ways of working and collaboration
Equiniti
Main goal: To increase efficiency of training for call centre team members in the Equiniti system and processes.
Focus areas: Provide company-specific training, reduce time to competency, increase process adherence, and enable new team membersto be confident in their role. Attracting the right people.
Target group: All call centres (US, UK and India) for new and existing team
members.
- Reduced training time from 5 to 3 weeks
- Reduce employee turnover from 40-15%
- Achieve 500% ROI
- Can’t mention name
