RSA Insurance Group plc (formerly Royal and Sun Alliance) is a multinational general insurance company headquartered in London. RSA has major operations in the UK, Ireland, Scandinavia, Canada and Latin America and provides insurance products and services in more than 140 countries through a network of local partners. It has 20 million customers globally. RSA was formed by the merger of Sun Alliance and Royal Insurance in 1996.
RSA is a FTSE 100 plc.
RSA asked VISION to show if a service promise approach could increase gross written premiums of a sample of (price sensitive) brokers by 40%. Plus increase the fulfilment process, which would enable cutting staff by 15%. This pilot was completed in the South of England, viewed as one of the most difficult regions by the client. It was then rolled out nationwide, across the broader cooperate insurance market.
The initial pilot was developed for a sample of price sensitive brokers in the corporate insurance market. It was ring-fenced to 10 key customers (brokers), VISION was challenged to:
Point Increase in Strike Rate
Increase in New Business Sales
The VISION pilot goals were expanded and it was rolled-out to over 300 key customers across the South Region.
VISION was challenged to:
The Commitment based Management approach to dealing with RSA’s business brokers was then rolled-out to Manchester and ultimately to the entire UK company in follow-on projects. The UK roll-out delivered Top Line new-business (GWP) growth of 25% and a 3% retention increase.