Driving Revenue Through Insurance

A Global Investment Bank faced a challenge: how to increase insurance sales while aligning with the firm’s processes and protocols. The targeted audience consisted of financial advisors and general agent partners, ranging between 250 to 500 in size. A senior investment management consultant expressed that the training received was unparalleled in over two decades, highlighting its importance.

The Challenge

The primary obstacle was identified through a thorough discovery process conducted by Cannon. Three main issues were undermining performance - limited knowledge, lack of confidence, and negative client perceptions. These factors hindered the ability of financial advisors to effectively sell insurance products.

The Solution

Cannon Financial Institute devised an internal certification program addressing these challenges with a three-pronged approach:

• Technical Knowledge: Enhancing understanding through eLearning modules.
• Sales Process: Streamlining the approach to selling through additional eLearning content.
• Effective Discovery: Implementing a workshop to master the art and science of discovering client needs.

This multifaceted strategy aimed to equip participants with the necessary skills and confidence to improve their sales performance effectively.

The Results

The certification program yielded remarkable results. Participants, referred to as 'certificants', significantly outperformed their non-certified counterparts in generating new insurance revenue. The data showed that certificants achieved a 48% increase in new insurance revenue growth compared to those without the certification. This marked improvement demonstrates the effectiveness of comprehensive training that addresses both technical knowledge and soft skills. A senior investment management consultant expressed that the training received was unparalleled in over two decades, highlighting its importance.