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Zurich Intermediary Group
Creating a new sales model for financial services
What we did
We worked with long-standing business partner, Zurich to build a best-practice model and associated development programme to support staff and build business.
Why we did it
In an increasingly challenging financial services market, IFAs are demanding more from their suppliers. For Zurich to continue to survive and grow, the value provided to IFAs by its consultants had to increase.
The scenario
Zurich's consultancy team needed to raise the bar in terms of sales ability and success.
The approach
We took a look at the current sales model and the type of relationship that existed between the Zurich sales team and the IFAs. What we found was that the Zurich team believed they were selling products to the IFAs. Of course, this was technically correct, but we challenged this perception to uncover the real value proposition to the IFA, which was an understanding of what the IFAs' customers needed to buy. Shifting Zurich's sales consultants' perception of who they were selling to changed their whole approach, and introduced them to a new and more consultative selling model.
On the back of this insight, we created a model of best practice which reflected back to the sales team the different levels of trading relationship that currently existed within Zurich's own sales process. We then mapped a series of steps that consultants could take to move the client relationship to a more productive and profitable level.
To achieve ambitious growth targets, the model then needed to be embedded within the business, and so sales managers were given training and support to cascade the process to consultants.
Every level of the organisation had a role to play to implement the programme. Change was led by the directors, developed through the managers and implemented by the consultants.
The results
Research highlighted that Zurich's consultants were perceived to be those that provided the best and most effective service to IFAs during the period in which the programme was delivered.
Consultant productivity increased from £700,000 per consultant to £3,000,000 over a seven-year period.
As a result of the success of the programme, we were invited to replicate this work in the international business and delivered a series of development interventions throughout Asia and the Middle East.
Wescott Williams continues to work in partnership with Zurich in the areas of organisation development and performance in the UK and overseas.
"Wescott Williams is very client centric and insightful. The consultancy demonstrated a sharp understanding of what our constraints were and how we might be able to change to achieve our business goals. Importantly, the way Wescott Williams work is to make it real for those involved. The programme was created to support what was actually happening in the business, and everyone was involved in its delivery."
Carol Boston, Zurich Intermediary Group
"There is no doubt in my mind that the Wescott Williams programme gives us a competitive edge. As service and proposition become the key differentiator, we are able to provide high quality services that no one else is offering. This is because we know what matters to the intermediary and can deliver tailored solutions and, as a result, the intermediary sees us as a key part of their ongoing business success."
Bernie Sportan, Senior Sales Manager, Zurich Intermediary Group