Download to read offline
Final Project
- 1. A+B Life Insurance FINALPRESENTATION Jomerson Barrera Eric John Colipano Althea Ricardo Jeanette Reabad Nyreen Roa
- 2. Background • A Insuranceowns 51% of A+B Life Insurance, while 49% belongs to B Bank. • A+B Life Insurance is a bancassurance company. • A+B Life Insurance has three sales channels: 1. Bancassurance is face-to-face sales. An A+B Life Insurance sales agent is stationed at B Bank branches. Tellers refer clients who are interested in insurance to sales agent. 2. Corporate Solutions is a sales channel that distributes the insurance products through partnerships with companies (usually sister companies of B Bank, whose employees also have B Bank accounts). 3. Direct Marketing is a hybrid sales channel. It reaches out to clients (B Bank depositors) through telemarketing. It also has another face-to-face sales through the caravans (OFWs at POEA and seafarers in SM Manila only at the moment).
- 3. A+B Life Insurance:Relationships A+B Life Insurance A Insurance Mother Company Insurance B Bank Mother Company Insurance has a huge say on A+B Life Insurance’s strategy. B Bank acts as a partner; is the source of client leads; has the in-house Call Center.
- 4. A+B Insurance OrganizationalStructure A+B CEO Bancassurance Sales Corporate Solutions Direct Marketing Training OperationsHR Finance Compliance Segments Sales Channels The focus of our OD intervention
- 5. Direct Marketing: Relationships DirectMarketing Head Mother Company Insurance Consultant A+B CEO Direct Marketing strategy has to be approved by Mother Company consultant, who stays at A+B office.
- 6. Direct Marketing: Organization A+BInsurance Direct Marketing Head Business Development Manager Campaigns Manager Telemarketing Manager Training and QA Manager Operations Support Manager
- 7. Direct Marketing: TelesalesChannels 3rd Party Call Center Provider B Bank Call Center Direct Marketing • 10 Telesales Representatives • 1 Manager • 15 Telesales Representatives • 1 Team Leader Direct control No Direct control
- 8. Direct Marketing: CurrentContext 3rd Party Call Center Provider B Bank Call Center Direct Marketing • 10 Telesales Representatives • 1 Manager • 15 Telesales Representatives • 1 Team Leader Direct control No Direct control A+B is thinking of expanding B Bank Call Center and terminating the services of 3rd Party Call Center. A+B Life Insurance and B Bank need this call center because of BSP regulations.
- 9. The Problem • CurrentlyB Bank Call Center averages 7 closed sales per day out of 68 sales presentations. If we use 3rd Party Call Center Provider as benchmark, B Bank Call Center is 53% behind in terms of closed sales, and 66% behind in terms of sales presentations. • Historically, the number of closed sales is directly proportional to number of sales presentations. • We noted the productivity issue in B Bank Call Center, especially in terms of number of presentations made. • To address the productivity problem, we looked at the telesales process. PROBLEM STATEMENT: B Bank Call Center’s telesales process takes 87% longer than benchmark’s. B BANK CALL CENTER 3RD PARTY CALL CENTER Number of agents 10 15 Presentations/agent/day 68 200-300 Closed sales/day 7 24
- 10. Effect on otherprocesses Low productivity affects the following processes: 1. Sales process 2. Business strategy or strategic planning 3. Training 4. Performance management 5. Rewards system
- 11. Effect on structure Lowproductivity has pushed the Direct Marketing department to contract the services of a third-party call center in an effort to reach their targets.
- 12. Where we are& where we want to be Causes Time spent per agent per day (current) Time spent per agent per day (new process) Documentation process 2.27 hours around 0.38 hours Non-productive hours 1.5 hours 0 Manual selection of leads 0.9 hours 0 Unfiltered Leads 0.61 hours around 0.19 hours Manual dialing 0.19 hours 0 TOTAL 5.47 hours -
- 13.
- 14. B Bank CallCenter’s telesales process takes 87% longer than benchmark’s. PEOPLE POLICIESPROCESS TECHNOLOGY Dialing is done manually Data input is done manually Agents spend too much non-productive time Productive hours are not tracked automatically Documentation of call data is time-consuming FISHBONE DIAGRAM Selection process is manual Agents “cherry pick” leads Call decisions are based only on personal opinions No time management tool Set up is prone to extended breaks Software being used does not extract call data Agents have to enter a lot of data manually Phone is not linked to software being used List of leads not filtered Prescribed handling time not followed Software does not track handling time Unreliable data on calls Self-reported data from agents No prescribed number of rings before moving on to next call Factors contributing to telesales process inefficiency
- 15. DATA FOR PARETOCHART Causes Time spent in hours per agent per day Cumulative time (hours) Cumulative % Documentation process 2.27 2.27 41% Non-productive hours 1.5 3.77 69% Manual selection of leads 0.9 4.67 85% Unfiltered leads 0.61 5.28 97% Manual dialing 0.19 5.47 100% TOTAL 5.47
- 16. 0% 20% 40% 60% 80% 100% 0 0.5 1 1.5 2 2.5 Documentation process Non-productive hours Manual selection of leads Unfilteredleads Manual dialing Time spent in hours Cumulative % PARETO CHARTFactors contributing to telesales process inefficiency Hours
- 17. Business Process Improvement To determinewhich discipline would be appropriate, we looked at the existing process (Reference: Team South Sample Process Flow.doc) and summarized it into the 5 core steps in the next slide. We agreed that no major process change was necessary yet, just improvements to eliminate waste.
- 18. What needs tobe improved? Agent selects potential client Agent makes call Agent makes presentation Agent ends call Agent documents call Wasted time: cherry- picking, manual selection Wasted time: manual dialing; unfiltered leads Wasted time: manual input; self-reporting CURRENT TELESALES PROCESS
- 19. What improvements willwe make? Potential client is selected and call is made automatically Agent makes presentation Agent ends call Agent documents call Use predictive dialer Siebel-like documentation* AUTOMATEDTELESALES PROCESS * Using drop-down feature with automatic notation
- 20. Comparison: Manual vsPredictive
- 21. Sample Interface ofPredictive Dialer Customer information is readily available on the dialer page. Documentation is done on the same page. Interface is configured with call dispositions. This dialer shows the number of call an agent has dialed.
- 22. Time saved byautomating process Causes Time spent in hours per agent per day (current) Time spent in hours per agent per day (new system) Documentation process 2.27 0.38 Non-productive hours 1.5 1.50 Manual selection of leads 0.9 0.00 Unfiltered Leads 0.61 0.13 Manual dialing 0.19 0.00 TOTAL 5.47 2.01 We shortened the telesales process for each agent by 3 hours per day. Each agent gains an additional 3 hours per day for additional sales presentations.
- 23. Projected timeline PHASE FEBRUARY2016 MARCH 2016 APRIL 2016 MAY 2016 JUNE 2016 JULY 2016 1 Research & preparation, Presentation of Proposal 2 Procurement 3 Development 4 User Acceptance Testing 5 Launch to Production 6 Training 7 Full Migration and Deployment
- 24. Next steps Standardization Metrics AHT, No.of presentations, closed sales KPI/Scorecard Training Needs analysis, training Performance management Other improvements Improved efficiency Increased productivity • Once we’ve cleaned up the telesales process, we can then look into non-productive hours. We can use data from the new software to address non-productive hours. • We can also look at the other processes to see what can be improved to increase productivity.
- 25. Thank you! JOMERSON BARRERA ERICJOHN COLIPANO ALTHEA RICARDO JEANETTE REABAD NYREEN ROA
Editor's Notes
- #11 ALTHEA Sales process – statistically, more presentations equals more sales. Strategic planning – TSRs are not executing strategy Training – we need to ensure first that low productivity is not because of system or discipline. If it’s not due to system or discipline, then it could be because of training. Performance management – No targets, no performance evaluation. Need to strengthen or set up performance management. Rewards system – Incentives. There might be a need to rethink current rewards system because TSRs are not motivated by them.
- #12 ALTHEA
- #19 We did not include average handling time yet because we wanted focus on eliminating process waste first. Average handling time may also be a training issue or a performance management issue.
- #22 Customer information is readily available on the dialer page. This reduces time for an agent to search for customer information using a separate file as the data is integrated in the dialer. Documentation is done on the same page. Dialer has dedicated area (notes tab) where the agent can input the feedback. Also, this interface has been configured with call dispositions that agents can select from. This dialer shows the number of call an agent has dialed. This allows for more efficient tracking.