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Chicago Pricing of Services Process Rollout

Chicago Pricing of Services Process Rollout. C O N F I D E N T I A L. POS Rollout. POS process: Corporate priority for 2003 -Improve on an already good process in the MW Region -Drive consistency throughout the Region -Cross-functional team.

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Chicago Pricing of Services Process Rollout

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  1. Chicago Pricing of ServicesProcess Rollout C O N F I D E N T I A L

  2. POS Rollout POS process: Corporate priority for 2003 -Improve on an already good process in the MW Region -Drive consistency throughout the Region -Cross-functional team POS: Use data to develop a strategy to obtain proper compensation!! 1

  3. Marsh Chicago POS Process Pricing of Services L1 Follow-up and Tracking POS Committee Meeting Scheduling and Pre-work L2 Account selection Schedule POS mtg CE prepares POS document Create meeting expectations Meeting Execution Documenting of Action Items Follow-up Process Tracking mechanism L3 Send form to CAs on account Provide to POS coordinator 5 days prior to mtg Pull ITS data and combine with CA L4 2

  4. POS Process Importance of POS: -Aligns our services with what clients want, value and are willing to pay for - Supports revenue and growth goals - Assures adequate profitability (shareholder earnings) Price without Service is meaningless, determining the Price is priceless! 3

  5. POS Process 1) Account selection - Primarily revenue driven: Chicago Model: - RM: accounts with revenue > $150K - MM: accounts with revenue > $100K - Selection targets 95 RM and 75 MM accounts for ‘03 - New Business: Formal RFPs > $75K - complete EZ form - submit for review - Each office needs to determine their capacity and factor in revenue and margin to plan and schedule their activity Additionally - - POS committee or management, may choose to request a POS review on any account - Any CE or product line manager can request a meeting Account selection targeting review of 75% of Office revenue 4

  6. POS Process • 2) Scheduling - Recommending a set day, time and room! • -RM: 1st and 3rd Mondays of each month: 8:30am to noon • - MM: 2nd Monday of each month: 8:30am to noon • - Fourth and Fifth Mondays: - Margin driven / catch-up / reschedules • When in cycle: • - 90 days out (major billing date or CSA anniversary). For example: 10-1 renewal – POS mtg date of 7-1 – reminder sent to CE 6-1 • Other: - All CEs should have their POS schedules (distributed at rollout meetings) - Reminders and all scheduling requests - POS coordinator NO one-off meetings - MONDAYS are the standard 5

  7. POS Process 2) Scheduling cont. “POS coordinator”: Each office should designate - work closely with POS chair and POS leadership in RM and MM - schedule the entire year - coordinate changes to schedule - send CEs email reminders 30 days and 7 days in advance of POS mtg - answer questions and assist CEs with forms / technology as needed - serve as data coordinator and distributor - scribe during the POS mtg, responsible for follow-up and data tracking What if CE cannot attend or must reschedule: - CE needs to reschedule within the same month they were originally scheduled (realizing the 4th Monday open) - Failure to reschedule within the month: CE added to the monthly delinquent list which will be sent to the Office and Region head POS coordinator: Key resource for CEs 6

  8. POS Process 3) Meeting preparation Data: - Edward Client Profitability report - ITS time report - Distribute one page Client advisory input form (optional - tab on EZ form) Form: -Complete EZ form : Tim - form has 7 tabs - we will want to go through each tab Additional form - - Detailed Cost form if account is red (<0%) or yellow (1-24%) New form geared towards streamlining preparation 7

  9. POS Process 4) POS Meeting Data distribution: -CE to send completed form to coordinator - no later than Wednesday prior to the meeting - Coordinator to distribute to appropriate committee members Focus: -Data / numbers, allocations, and staffing – all are key elements, but should not be the primary focus (10 minutes or less) - POS form should articulate what we do for the client and what level of colleagues are doing the work -CE’s rationale for their recommendation, negotiation plan to obtain the ‘03 targeted price and who at Marsh should meet with the client - key focus (20 minutes) Preparation is key to a productive POS meeting 9

  10. POS Process 5) Meeting execution and follow-up: POS Committee: -RM: POS chair, CE PL, CE Team leader(s), Sales leader, MSO, Product line managers (their choice) - MM: POS chair, MM leadership, Sales Leader, MSO, EBS Leadership: -POS chair to run the meeting and keep the group focused - Coordinator takes meeting notes and captures action items - POS chair closes with Minimum, Base and Target Price Follow-up: -POS coordinator to distribute meeting notes as appropriate - Completed action items and client meeting / agreed price - noted on EZ form and sent to POS coordinator by CE - POS coordinator to complete tracking form and distribute final EZ form as needed - final EZ forms stored in a limited access folder on the S drive Timely follow-up to drive data integrity 10

  11. POS Process • Importance of POS • Better understand our clients and their needs • Promotes communication and collaboration between the Client Executive and Client Advisory • Office administrator is an integral part to leveraging POS information for financial reporting 11

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