Two experts of Design Thinking, Mr. Inno Man (the Founder of COXO) and Mr. David Chung (the Senior Partners of InnoEdge Consulting), were invited by Professor Jill Stefaniak of University of Georgia to publish a successful case of “Creating Unlimited Business Opportunities for an Insurance Sales Force Through Design Thinking” in her new book, Cases on Learning Design and Human Performance Technology, which was published on 30 July of 2019.
Overview of the case:
New insurance agents approach their pool of close friends and family members because these people have a high level of trust in them and therefore their rate of closing should be higher. But they will have used up their pools within 1 year and face a very tough situation. As the size of their pools is a critical survival factor and trust cannot be built rapidly, one major reason that agents quit their jobs is that they deplete their pools.
For resolving that industrial deadlock, the company developed a social sales model through Design Thinking method to help insurance agents to build trust among their prospective customers. After implemented a pilot project in Hong Kong in 2018, the agents enhanced their abilities of social influencing, lead generation, and deal closing. Following the successful pilot project, the company continues to transform its business and leverage its social sales advantage in Asia.
For the first three pages of the chapter, please click…..
Measurable outcome (or business impact):
The management team believes that the pilot program successfully developed the mindsets, skill sets, and best practice for tool sets of the insurance agents, reinforcing the company’s implementation of its social sales model with innovative analytical and monitoring tools.
The deliverable of the program of the digital transformation project is built localized social sales model, management process, skills and tools for enhancing the abilities of social influencing, lead generation and deal closing of insurance agents. The summarized business results of the pilot period are as below:
- The conversion rate from posting to sharing by others increased from 8.3% to 15.8% from the first to the second period, an increase of 90% in the testing stage
- The conversion rate from posting to generating appointments increased from 4.9% to 5.9% from the first to the second testing period, a 28% increase.
- The conversion rate of posting to closing sales deals increased from 0.64% to 1.65% from the first to the second period, an increase of 124% in the testing stage
Further information about the publication:
Preface of the book: 8-page Preface
Table of Contents: 8-page detailed table of contents