Page 5: Measuring the benefits of Enterprise
Royal & SunAlliance measures how successful Enterprise is by using the ‘Business Balanced Scorecard’ (BBS). This business model is based on the principle that the four elements of running a business – People, Process, Customer, Financial - must be in balance for a business to be really successful. The results of Enterprise can be summarised as follows:
People: Royal & SunAlliance asked people in Enterprise teams to complete questionnaires before, during and after launching Enterprise. The results show that the people now involved in Enterprise are more satisfied and motivated employees. They are working with highly efficient systems, have had excellent training, and have been ‘empowered’ to negotiate prices and terms, and make important business decisions within a pre-defined framework. 93% would recommend Enterprise as a place to work.
Processes: Royal & SunAlliance has ‘re-engineered’ its processes in Enterprise. As a result, business processes are streamlined and efficient. Consequently the productivity of underwriters has doubled. Brokers have also indicated that the time they take to put a policy on their books has halved. Claims processes have also been improved, with certain claims being settled immediately, with the insured.
Customer: Royal & SunAlliance conducted market research with Brokers before, during and after launching Enterprise. In early 1999, when independent Brokers were asked to identify companies associated with small business insurance, Royal & SunAlliance ranked 7th. By early 2000, it had risen to first place. Brokers are pleased with the service provided through Enterprise. Brokers said that they wanted a fast, efficient, competitively-priced service. They wanted access to people who are knowledgeable, experienced, and can make immediate business decisions. Enterprise meets all these needs. Whilst providing an improved service to Brokers, Enterprise also lets the Broker provide a better service (quicker, lower cost) to the end customer, the ‘insured’. As a result, Brokers are putting more business with Enterprise.
Financial: Companies only survive if they remain profitable. Profit is the ultimate measure of business success, for all business ‘stakeholders’ (employees, shareholders, customers, suppliers etc). Enterprise is a financial success because of the combination of the success of the other three segments of the BBS.
- Customers (Brokers) are pleased with Enterprise, so are placing more small business insurance with Royal & SunAlliance.
- Processes have been streamlined, for both the Broker and Royal & SunAlliance, so the cost of providing small business insurance is lower.
- People in Enterprise are satisfied, well-trained employees, who take a real pride in giving excellent customer service, and encouraging Brokers to place more business with Enterprise.