Client Success Story

Selling General Insurance to Mortgage Brokers

Background

In 2006 our client decided to capitalise on its experience of selling into the retail sector by expanding its offering into the financial services market, introducing a team of sales executives selling a general insurance (GI) product to mortgage brokers.

The Challenge

This innovation required executives to move from selling ‘commoditised’ products in a grocery retail environment, to consultative selling in financial services. Activities such as managing/developing accounts over time and closing the sale are very different in the financial services market compared to the retail sector. To help sales executives develop their skills in these areas Huntswood was asked to design a business development programme.

The Solution

The varied experience and ability of the sales team ruled out a ‘traditional’ training programme - in which all participants are exposed to the same message at the same time. Instead Huntswood developed a tailor-made Sales Behaviour Academy (SBA), which combines learning inputs with self awareness inventories and role plays. The role plays involve taking typical workplace situations and turning them into realistic business simulations in which carefully briefed actors take on the role of the client. This means that executives are able to practise the new skills and knowledge that they are acquiring. Experienced observers monitor the role plays, noting strengths and areas for development. These are then discussed with individuals in personal development planning sessions on day two of the Academy.

Phase 1 of the Academy was a two-day workshop, which focused on:

Phase 2 begins when executives return to the workplace to put their personal development plans into action and develop skills and knowledge over time against agreed outcomes. Workplace coaching plays a significant part in this element of the Academy with executives honing their skills over the subsequent weeks and months.

The Result

Research shows that whilst ‘traditional’ selling courses provide a 2% return on investment, the Sales Behaviour Academy approach favoured by Huntswood delivers returns in excess of 7%. *

Huntswood’s View

Companies that are serious about long-term sustainable change are keen to move away from the type of training programmes in which everyone goes through the same experience. Organisations are different, the markets in which they operate are different and people’s needs and abilities are different. A ‘one size fits all’ approach to learning is no longer appropriate.

* Research Institute of America