Firstsource was engaged to service the client’s customers as well as cross sell financial products. Based on Firstsource’s award winning process improvement initiative, the client significantly improved the performance of its financial products portfolio. The processes suggested by Firstsource were also rolled out across other business lines as examples of best in class practices.

The following areas were identified which could improve the performance of the cross sell process:

• More detailed customer profiling and data mining to maximize program ROI
• Supplement agent training
• Incentivize by implementing rewards and recognition programs

Firstsource deployed a three layered approach to improve business performance:

Technology enabled customer data mining for enhanced compliance and customer targeting

Firstsource recommended strengthening the existing customer profiling process to improve cross selling effectiveness by deploying a technology enabled data-mining tool. This had a positive impact on selling performances as:

• The right customers were targeted – those with a higher propensity to buy the products
• Better customer data would cut time spent on pre-screening, making each call shorter and more productive, and streamline the selling process

Enhanced sales training to improve sales quality and effectiveness

• The sales script was altered and agent cross selling skills upgraded
• Average performers were trained every week on new training modules
• New modules were embedded into the sales training for fresh advisors

Rewards and Recognition (R&R) program

Firstsource implemented a R&R program to drive sales momentum and give advisors more opportunities to be rewarded:

• Rewards were expanded to include improvements in compliance quality, cancellation rates, failed claims and complaints data
• A performance management system to help support the rewards scheme was implemented

• Firstsource was able to enhance program performance and make the sales effort more productive. As a result, customer conversion rates exceeded client benchmarks by about 23%
• Sales of the insurance products doubled
• Annualized savings of GBP 1.56 million

Based on the successful performance of this program, the client rolled out Firstsource’s methodology across its entire range of financial products as a best practice for the organization.

In appreciation of the work done, the client has expanded the range of its products that Firstsource handles, and Firstsource remains its only business process management partner.