Page 5: Monitoring success
All new business initiatives need to be monitored in order to assess performance levels and to make ongoing improvements. The key indicators used by Royal & SunAlliance to monitor success are:
- delivery of service standards
- higher business retention levels
- profitable growth on existing business
- increased flow of new business
- market leadership
- customer feedback.
Making sure that Energy was a success required a systematic approach using project management techniques to ensure a smooth launch and ongoing high levels of performance. All teams were involved in the initial concept across all divisions; Commercial, Life and Personal lines. Every team was given an understanding of the objectives and philosophy behind Energy. In developing the proposition, the ideas and views of all brokers were sought and considered.
Energy brokers were carefully selected, taking into consideration both quantitative (eg profitability) and qualitative (eg professionalism) factors and ensuring they are ‘winners of the future’. Training of key development staff was important - participants developed skills in relationship management and business planning. Clear communication channels were created to all staff and brokers at all levels.
An Energy Business Manager was appointed to ensure a consistent approach throughout the UK. Finally, constant monitoring of the performance of Energy brokers provides a form of quality control, making it possible to promote new brokers and, if necessary, to relegate brokers, where the relationship is not working.