At a Glance
- A prominent life insurance company in Southeast Asia experienced rapid growth, selling 50,000 policies per month, which resulted in processing bottlenecks and increased rework
- The Group developed a digital platform to tackle these issues; however, it encountered setbacks during the initial rollout
- With Renoir’s expertise, the digital platform achieved a remarkable 48% increase in usage, exceeding the target of 20%
Background
The Asia-Pacific (APAC) life insurance industry experienced significant growth of 4.7% in 2021, up from 2.4% in 2020. The growth was driven by economic recovery. The APAC region was the largest insurance market in the world in 2021.
Our client is a prominent life insurance company in Southeast Asia, established in 1997. It operates through an extensive branch network of over 800 banks in its home country, offering life insurance services through their representatives or professional financial advisors.
The Challenge
Our client has experienced remarkable growth over the last seven years, selling an average of 50,000 policies on a monthly basis. This success led to processing bottlenecks and increased rework due to challenges encountered in managing the applications’ quality.
To address these challenges, the Group developed a digital platform aimed at reducing errors in applications, automating policy issuance, and providing better management information.
The initial project rollout and implementation suffered setbacks, due to technical issues and user adoption problems, stemming from a lack of project and change management. Although training and support were provided, it did not solve the problems as the focus was on the technical aspects of the new tool rather than on changing the way people worked.
Renoir Consulting was engaged to provide expertise in structuring the implementation, with a focus on training, distributor readiness, communication, and coaching mechanisms to ensure successful adoption of the digital platform.
Analysis
Renoir developed a rapid intervention plan following a brief analysis of the situation. Recognising the importance of gaining key buy-in, especially from the sales department, the Head of Sales Support and Regional Sales Managers were drafted onto the working team.
Project Approach
This project was divided into two workstreams, which are Agency and Banca.
Management Action Teams (MATs) were set up to drive this project, involving the participation of the Group’s Chief Agency Officer (CAO), Chief Bancassurance Officer (CBO), along with the Head of Sales Support and Regional Sales Managers.
The teams carried out:
- Renoir’s Focus Process® service within a three-week timeframe and mapped out the “as-is” sales processes to identify the challenges and sales process constraints experienced by the sales teams when using the digital platform.
- Failure Mode and Effects Analysis (FMEA) to identify all possible scenarios where distributors might encounter difficulties when using the system. Through this exercise, the team effectively designed and implemented temporary workarounds to enable smooth usage in the identified problematic scenarios.
“Renoir has been a tremendous contributor to the success of our digital platform rollout and usage rates. They work with great dedication and passion, and their quality of work consistently exceeded our expectations. I highly recommend them and any resources they offer.”
– Group Chief Executive Officer (CEO)
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Implementation
Securing Buy-In and Addressing System Issues
The first step in implementation was to secure buy-in from key influencers and line management. Simultaneously, the system software developers were engaged to address system bugs and issues identified by users.
A formal communication process was established to ensure effective communication of fixes and enhancements to the system and to encourage users to use the system.
Training and Preparation
Training materials with a “what’s in it for me” approach were developed to motivate distributors to adopt and use the system. A full wave preparation and checklist were developed to ensure a systematic and coordinated approach to all necessary tasks.
Development of a Management Control System
A comprehensive Management Control System (MCS) was developed to facilitate proper planning, reporting, and performance monitoring. Dashboards were created to track performance by region, line manager, and individual sales personnel.
This tracking enabled managers to monitor performance and take corrective action effectively. A structured coaching and performance review mechanism was also implemented to ensure systematic engagement with all trained distributors.
Results
A remarkable 48% in platform usage and online applications, surpassing the target of 20%
Successfully delivered a continuous, systematic rollout programme, benefitting over 20,000 sales personnel
Pioneered the development of a blueprint for future IT implementation and smooth rollout to distributors
“I didn’t expect that anybody could make the digital platform roll-out happen successfully, because we have tried once and failed. However, once Renoir stepped in to help us with their expertise in the change management program, I can see a step-by-step progression and improvement. That has made me see hope, possibility, and a roadmap to the success of the platform for our company.”
– Chief Agency Officer and MAT Chair
Conclusion
Renoir played a pivotal role in establishing a comprehensive structure and providing expert guidance to the project management team to ensure the continuity and sustainability of the rollout activities.
By the end of the project, a significant milestone was achieved, with 1,960 sales personnel successfully trained. The rollout is ongoing and is expected to benefit over 20,000 sales personnel in the future.
*We have intentionally omitted client-specific details to uphold strict confidentiality.
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