Health Insurance Company


Case Study #015

Background: When iBG first asked this insurance company questions about forecasting, number of products sold, revenue and sales numbers, we were met with blank stares. It wasn’t that the information couldn’t be provided. It was that key employees didn’t even know where to begin to look to find it. There simply was no tool or procedure in place.

Opportunity: The client had the mentality that if they ever needed to know the information, they would simply just “figure it out” at that time, especially when it came to their host of ancillary products. They felt the ancillary products didn’t make much of an impact on revenue, so why push them if they are merely a waste of time and effort? Which begged the question: if these products were that big of a waste of time, why offer them in the first place? What they didn’t realize was that by being in the dark about these products and how they were truly performing for the company, they were missing out on a potentially important, vital revenue stream that was soon going to reveal it’s true importance.

Steps: iBG set to building a forecasting tool that tracked revenue in terms of dollars, how those dollars were directly related to unique quantities of each product sold, and how individual sellers were performing in each product category. Gathering data from the previous year and comparing it to data being acquired month after month in real time, it was easy to showcase to the team what was truly happening.

Each individual seller was given goals for each product category based off their knowledge of the products and ability to sell them. Administrative support was very aware of what was being done from the ground level up and was made available to sellers to help manage prospect lists, books of business and other administrative tasks. Sharing the individual sellers’ goals and progress with each other became a huge benefit, as sellers were then able to share successes and help each other grow their own book of business and reach their goals. This helped the company understand how to grow better as individuals and as a unified team.

At the conclusion of the year, the number of ancillary products sold over the previous year had drastically improved. January alone yielded a 782% increase in sales.

Summary: In the first year post this new tracking system being implemented, a lot of unforeseen changes happened with the insurance industry that caused core products to be negatively affected by these trends. Many insurance companies took great losses. However, because this company had the goals already in place to focus on both core and ancillary products, they not only didn’t experience a loss, they actually increased sales over the previous year, with the first quarter pacing at 133%!