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Peter Sinden Director Sales & Service

Peter Sinden Director Sales & Service. A Bit About LV=. A Fresh Start. From this. TO THIS. Strong results. Strong brand Now offer 5 GI products Sales & Service Team has grown to be 1,000 strong Now in 4 sites Handling about 125,000 calls per week

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Peter Sinden Director Sales & Service

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  1. Peter Sinden Director Sales & Service

  2. A Bit About LV=

  3. A Fresh Start From this TO THIS

  4. Strong results • Strongbrand • Now offer 5 GI products • Sales & Service Team has grown to be1,000 strong • Now in 4 sites • Handling about 125,000 calls per week • Now 4th largestUK car insurer, from 12th in 2007! • Sales exceeding plan year on year & among the strongest renewal rates in the industry • and… whilst handling tremendous growth we’ve been award winningalong the way!

  5. On A Mission To Be The UK’s Best Loved Insurer We’re passionate about our new mission, it was voted for by our people. We can’t be the best loved insurer without being the best in customer service! We have learnt that truly putting our people first has many benefits to us as a business. 5

  6. Developing Employees To Be Fans Of Our Brand Under-pinned by our values: • Know Your Stuff • Make It Feel Special • Treat People Like Family • Don’t Wait to Be Asked 94% of our people believe our values are clear It’s all about being: “Sharp with a Heart”

  7. Our Future Fans Have to Have the LV= Attitude 87% of our people are proud to be part of LV=

  8. Listening To Our People… a Thousand Consultants! Invest time and effort to encourage front-line participation They are closest to our customer’s experience andknow best CALL LISTENING LEAN REVIEWS WHY ON EARTH? Drives management culture:be first to spot a ‘big win’! “61% of organisations proactively analyse customer conversations to identify trends and issues with their processes, call handling, etc” - UK Call Centre Association

  9. Your challenge to take away: SITE VISITS • Dedicate 1 day a month, to get under the skin of each site • It’s easy to let it slide – you have to be disciplined and give it a genuine high priority • BUT - It’s the best investment in time you can make! • Talk to the people at the sharp end: • Take a group off the phones for an hour and chat about their WOEs. • What would they do differently if it was their money and their business? • Tell them which ideas you’ll take away, then keep them in the loop • Step into your agents’ shoes: • Listen in to calls side-by-side with agents • Understand what they say and why, and how the system works • Find out what’s hurting them and what’s hurting the customer • Manage those Light-Bulb moments! • By the end of the day you’ll have a great big list of ideas • Delegate these to your management team – and keep pestering them! • … my managers now find and sort WOEs themselves, just to keep me quiet!

  10. Your challenge to take away: WOEs • “Why On Earth do we do that?!” • You need to know what’s hurting your people and your customers • WOEs cost you time, money and customers - and damage staff morale • Get your people to tell you their WOEs • You can’t chat to everyone through site visits – although this helps to get the ball rolling • Create a way for people to submit ideas – could be an email address or an intranet page • Publicise and incentivise it so people want to use it • Find out the big ideas • Get people in the know to review WOEs, and see which ones have got legs • I’ve developed a Business Improvement Team of canny agents and team leaders to do this • Kick off projects • Once you’ve picked your WOEs put some structure behind them • Scope it, CBA it, LEAN it, investigate it… then make the change and track your benefits • Tell everyone about it! • Once people know they can make a difference it becomes self perpetuating

  11. Why On Earth… do we use scripts? • Challenges from our people improved the call process • We involved 2/3rds of our agents to redesign it • We removed scripts and introduced call aids • Average call length reduced by almost 2 minutes!! Sales Up Conversion Up Customer Sat. Up Staff Engagement Up We’re saving £1m a year! 11

  12. Why On Earth... can’t I make decisions? We gave authorisation decisions to agents Trusting and empowering them to make the right call Customers win too – no delay on decisions Average Write-Off per call 2008: 15p Customer Sat. Up Staff Engagement Up 2009: 9p 2010: 6p We saved £260k over 2 years!

  13. Why On Earth …can’t someone help me? We introduced a brand new technical assistance team Providing instant help and coaching 96% of all queries are answered in the first call Query Resolution Time 48 Hours 3.5 Minutes Customer Sat. Up Staff Engagement Up We are saving £142k a year!

  14. Fixing those WOE’s saves LV= money… 93% of our people believe their team constantly looks for better ways to serve its customers … and helps us be competitive at renewal Senior team spend 40 hours with our people every month 520 ideas from WOE’s so far this year Over 400 of our people have been involved in a Lean event Benefits from WOE changes are on plan to deliver £2m in savings by year end. Contributed to us halving our Cost Expense ratio over 3 years 5 years worth of ideas – offering a Cost Expense reduction of a further 3rd

  15. People Power Against High Performing Companies 78% believe LV= is interested in the well being of employees 93% of our people believe strongly in the goals of LV= 81%vs 77% HPO Engagement score 15

  16. We’re Breaking Our Own Engagement Records! 85% of our people recommend LV= as a great place to work 90% of our people believe LV= really cares about it’s customers Employee Engagement Survey 2010 - Towers Watson Stop Press! This year’s Engage results are even better! “72% of organisations believe that there is a strong correlation between customer satisfaction & employee satisfaction” - UK Call Centre Association 16

  17. Great For Our Customers! “In a recent survey, most respondents report that the average agent becomes productive and efficient after 4-6 weeks of training” - UK Call Centre Association We’ve calculated it costs £7 pure to recruit and replace agents…but in real terms this can rise to as much as £30k What does your perfect customer look like? Step into your Customers’ shoes What’s the cost of staff attrition?

  18. Putting our people first… …creates our awardwinning virtuous circle!! • TIME SAVED REINVESTED: • More coaching time • Better agents • Making their job easier • MAKES OUR PEOPLE FEEL: • Engaged • Valued • They can make a difference PEOPLE BUSINESS LESS EFFORT HAPPIER CUSTOMERS GOING UP  GOING DOWN CUSTOMERS • Sales • Customer Satisfaction • Employee Engagement • Loyalty/Retention • First Call Resolution • Attrition • Call Times • Costs SMOOTH PROCESS FASTER CALLS LOWER COST EXPENSE = LOWER PRICE = MORE COMPETITIVE PRODUCTS

  19. By Listening We’ve Turned Our People into Brand Ambassadors Well... Most of them! 19

  20. Awards: our benchmark against the industry best National Management & Leadership Awards 20

  21. Our results speak for themselves…

  22. Any questions? Q&A

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