Being a long established and highly successful market participant meant there would be little low-hanging fruit and that a successful response needed to be both fundamental and ambitious. We were given a short timescale, eight weeks, to demonstrate a strategy and outline our recommended approach.
What we did
As change management consultants, we interviewed one hundred stakeholders including customers, brokers, executives and staff from across the company. We walked through the value chain from the customers and brokers perspective. This research identified the core performance issues within the insurer and challenges which lay ahead.
We designed a solution which enabled the insurer to strengthen the relationship with brokers and customers, with a specific focus on customer retention and acquisition. Executives developed a clear understanding of what was holding and restricting their company’s progress and what was needed to improve the overall market position.
We piloted the proposed solution to demonstrate a tangible increase in customer retention improvement through establishing a deeper relationship. Following the success of the pilot we supported the rolled out the solution cross all business lines in the UK and achieved all predetermined customer retention targets.
This case study shows how Pathfinder helped a company in the finance sector in the UK devise a plan to increase customer retention. For other examples click here for more information.