Page 263 - Performance Leadership

252 • Part IV Implementing the Performance Leadership Framework

Table 13.1
Reciprocal Metrics for the Insurance Industry

Transactional Added-Value Joint-Value
Relationship Relationship Relationship
Insurer Requirements from Channel
Profit • Shareholder value • Incremental cost • Revenue and profit
• Profitability of customization joint initiative as
• Commissions paid • Channel margin percentage of overall
revenue and profit
• Profit benchmark
against internal
profit
Growth • Market share • Share of channel • Percent transactions
• Customer retention wallet going through
• Percent conversion • Percent of product new process
portfolio customized • New market growth
Opinion • Customer • Qualitative • Continuous
satisfaction feedback from operational feedback
channel “council” • Continuous
• Continuous management
operational feedback feedback
Trust • Market share • Channel process • Growth in
• Cross-sell ratio coverage investment in
• Customer joint initiative
retention • Brand trust
Insurer Contributions to Channel
Fast • Average time • Average time • Time to market
underwriting lead-to-policy • Time decision-
• Average time • Average time making process
claim processing accident-to-
• Average time claim-closed
policy renewal
Right • Percent • Meeting partner • Revenue growth
transactions requirements • Brand preference
“first time right” through
• Data quality customization
Cheap • Benchmark • Cost savings in • Joint customer
policy premiums channel benefits
• Added opportunity • Joint process
in channel TCO
Easy • Call center, • Channel preference • Crossover resources
Web, account (capital, staff,
manager material, use of
availability facilities,
information
exchange)