Page 3: The nature of strategic partnership
Strategic partnerships are long term, exclusive partnerships between Royal & SunAlliance and key brokers using the Energy proposition. They are designed to secure the future success of all partners and are based on:
- a shared vision of the future
- common goals
- clear understanding and commitment from everyone involved
- mutual benefits
- innovation and integrated solutions.
The partnership is not about offering special discount on price but about allowing brokers to gain advantages by using other benefits and resources to win and secure long term customers.
The name Energy was chosen because it symbolises the values and behaviours of Royal & SunAlliance people and broker partners. Having selected 150 broker partners, the objective was to help them to grow their businesses and by doing so to increase Royal & SunAlliance’s share of that business. The emphasis was on customer service levels as well as providing additional first class value-added benefits. Energy works because those operating it:
- understand each customer’s unique needs
- plan and achieve mutual goals
- provide the tools, resources and service to achieve goals.
Because no two brokers are identical, the Energy proposition is designed to provide a unique match to each Energy Broker. A ‘relationship manager’ looks after each Energy Broker to aid the understanding and analysis of the customer’s needs and goals. A joint development plan is then agreed which highlights what Royal & SunAlliance needs to deliver to support the relationship. Every plan is unique. Service levels are mutually agreed and form the basis of delivery. Previously, the relationship with customers had been focused through one individual whose responsibility was for the management of a broker account, and almost all communication, negotiations, and contact was transacted through that one person, despite the backup of sound underwriting and claims teams.
This often resulted in a classic ‘process bottleneck’, which slowed down the delivery and created difficulties in maintaining the required service level. Energy required a fundamental change in the nature of the relationship between brokers and Royal & SunAlliance. A ‘relationship manager’ controls the overall business plan and acts as a co-ordinator between different business divisions and the customer. However, on a day-to-day business the relationship is disseminated to empowered individuals who produce relationships at all levels, hence eliminating bottlenecks.