Investing in Insights

A U.S.-based Fortune 500 insurance company boosts its analytics capabilities and effectively redirects its investments.

With a distribution network of more than 70,000 independent agents and more than 5,000 third-party brokers, a U.S.-based Fortune 500 insurance company experienced decentralized growth for many years, which led to diverse selling models, processes and outcomes. Hand-in-hand with growth came a huge volume of transaction-level data available for millions of policyholders, a half-million accounts and tens of thousands of agents. The company wanted to use this vast collection of data to develop insights that would accelerate growth, but it lacked a strong analytic capability and the necessary expertise. In fact, the company spent more than a billion dollars each year on sales distribution, but it made most sales team decisions based on instinct and rarely knew if its investments were worthwhile.

The company’s needs were incredibly diverse in terms of the questions being asked and the data and analysis required to answer them. ZS partnered with the company’s operations team to identify three core areas of need: tool and capability development, ad hoc analyses to answer focused questions, and recurring analyses and reporting. The ZS team developed an onshore/offshore model and core team of experts to address these categories. ZS also drew on its analytics experts in forecasting, promotion response and process improvement to help address the company’s unique and complex analytic requests.

Within six months, the ZS team addressed a number of the company’s critical questions and created new capabilities, such as measuring the ROI of sales contests, incentive programs and training initiatives; revising and outsourcing the national forecasting process; building and operating a new performance dashboard for sales leaders; and building a program to identify and prioritize “at risk” accounts. In the first two months, the company used several of ZS’s analyses to redirect its investments. The company also has engaged ZS in a multiyear contract, and the scope of our outsourced support continues to grow.

Contact Jason Brown to discuss ways to deliver impact to your customers and accelerate profitable revenue growth.