In the last of our series, we take a closer look at how management information assists our network partners.
A recurrent theme over this series has been developing strong, close relationships with our network partners and their members, as well as being their trusted advisor who can enable them to achieve their goals. This begs the question; how can we really help? How do we identify potential areas of concern and then recommend the appropriate course of action?
The answer lies in reliable and robust data. Having a rich source of data is as important as knowing how to mine it efficiently. However, turning data into intuitive management information (MI) which can be used across a broad partner base can be a challenge. Knowing what to look for and proactively identifying key nuggets of information is something we relish and use to underpin our decisions and recommendations.
Getting the right set up
It is essential to create and agree on a framework at the onset of the partnership, so that meaningful MI can be shared - or else the old adage of ‘garbage in, garbage out’ will unfortunately apply. For networks this includes having a clear understanding of their specific strategy, whether it’s growth or protection and the metrics they’ll use to measure performance. If the setup is done correctly, it will facilitate quick and efficient flow of information to the relevant parts of the network.
The Benefits of Actionable MI
Consistent language
One of the benefits of having MI is that it results in us talking the same language. Good management information should originate from a single source and references the same points. In this way, the conversations that are held with the senior leaders of the network are continued on every level, right down to the individual accounts, ensuring that the message is consistent and clear.
"First of all, we listen. Then, once we fully appreciate what the Network and our respective partners want to achieve, we shape our MI so that we have clear visibility of the levers that can be pulled to achieve our joint goals." – Christian Elson, National Sales Director & Head of Networks.
Focused Analysis
MI enables us to target the levers that we can pull specifically for each network. For example, we can offer market insights which, when combined with the appropriate Network information, means that we can support growth initiatives in the Networks specific to the current market.
Precise market insights
During the pandemic, having bespoke MI has proven invaluable giving us insights from a market perspective and enabled us to forecast trends. We’ve shared our enriched view of the market with network members via large web events; individual regional financial director groups and at branch level (again, using the same language). These sessions have been so well received that we’re looking at creating further sessions as we continue to see the impacts of Covid-19 and Brexit on the market.
Targeted capability training
MI is useful in quickly identifying dips in performance - whether at an individual or branch level – to signal training needs to develop specific areas. For example, if a network would like to specifically increase their Gross Written Premiums (GWP), we may suggest our ‘Sales Prospecting’ module or one of our ‘Hardening Market’ modules. However, if there are varying levels of experience within a network we’re able to tailor a training module to accommodate this and fill any gaps. Additionally, MI enables us to pinpoint certain systems issues members may have, which then prompts us to implement specific systems training within the network.
Improved customer journey
MI is valuable in revealing potential friction within the end customer’s journey. For example, if there are high cancellation rates within a network, or for certain brokers, this alerts us to revisit scripts used and determines whether wording refinement or soft-skill coaching is needed. It could require a special session with one of our in-house subject matter experts to unpack an aspect or topic, which we’d then arrange. The objective being a confident and empowered Account Executive able to discuss premium finance appropriately, resulting in fewer cancellations and a smoother, pleasant experience for the end customer.
By frequently extracting meaningful management information, we’re able to proactively guide our network partners and their members to identifying potential pitfalls and resolving them swiftly so that they can be as productive and effective as possible, ultimately helping them to better serve their end customers. This positive cycle reinforces our strong and transparent relationship which benefits everyone involved.
