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Using FastStats Excelsior dashboards to help financial advisors target the right customers at the right time

Company Overview

Wesleyan Financial Services (Wesleyan) is one the UK’s leading financial service providers. Wesleyan has specialist teams dedicated to providing tailored financial advice and solutions to clients in the medical, dental, teaching, legal and other professional markets through different distribution channels.

Wesleyan Assurance Society is the parent company of the distribution channels Wesleyan Medical Sickness, Wesleyan for Teachers, Wesleyan for Lawyers and Wesleyan Financial Services. Wesleyan manufacturers both its own products, and provides advice on these products and other carefully selected providers.

Background

In 2002, Wesleyan teamed up with Callcredit to create a customer centric database that would create a single profile of their customers and prospects for future targeting use. Wesleyan has accessed this database using firstly Intelligence Creation, and then Discoverer. Currently this database is made up of c. 1m customers, lapsed customers and prospects.

These dashboards are not only helping to deliver each adviser with added insight into his/her territory, they are also providing the tools required to be able to action this insight and help improve.

Objectives

Wesleyan identified a requirement in April 2009 to be able to deliver a multi purpose dashboard to each of their Financial Advisers (300). The dashboard needed to fulfil two main requirements;

  • To help each adviser identify gaps within their client base, by benchmarking against other advisers within their Segment. The purpose of this is to indicate to each adviser where they have an under or over representation by product type dependent on the lifestage of their customer base.  
  • To enable the above to be actionable, each adviser would need to be able to see their existing client base, and have this flagged with products that they currently have with Wesleyan.  These lists should contain all the contact details, and lifestage code to help identify the products that should be sold to the right customer.   

The overriding aim of these dashboards is to therefore provide each adviser with the correct tool to help promote the correct types of product to each of their clients. The dashboard should be easy to understand, yet always be actionable.

Wesleyan Front Cover

Background Research & Analysis

Wesleyan recently undertook both qualitative and quantitative analysis to help identify which products were most applicable at which stages in each professions life. The quantitative analysis was completed using all customer, policy, and contact data held with the Wesleyan Discoverer system. Where applicable fields were derived to ensure this was possible.

Wesleyan identified that five lifestyle bands could illustrate the keys ages (18-25, 26-45, 46-55, 56-65, and 66+) that people will have a financial need for different products offered by Wesleyan. The analysis undertaken showed that these ‘needs’ differed by each profession – for example retirement products are much more applicable to Teachers at a different age than Dentists. Callcredit Marketing Solutions and Wesleyan agreed that a traffic light system to highlight ‘Top Priority’, ‘Attention Required’, and ‘Maintain’ for each segment based on the percentage of customers that fall into each lifestage band was needed.

Wesleyan and Callcredit Marketing Solutions identified that the best way of being able to create dashboard reporting that could be easily distributed to a number of financial advisers would be to use Apteco’s new reporting add-on – Excelsior.

Dashboard Specification

The Wesleyan project team which included an external consultant, Sales, Communications, and Marketing met with Callcredit Marketing Solutions to discuss the KPIs that the dashboard would have to fulfil. A template was drafted which would form the first of many that would help shape the final dashboard. Once the template had been agreed in Excel, Callcredit Marketing Solutions spent the next few weeks ensuring that the dashboard fulfilled all the requirements.

All the data used within the dashboard is taken from Discoverer, therefore a series of cubes and data grids are exported after each data load. A series of virtual variables were created to fulfil the deliverable requirements. These were not meant to be static as Wesleyan required these to be used each month by the financial adviser base, and the Sales Relationship Centre (SRC). As a result, comparisons to previous months and years were required.

The report was designed to have three easy to interpret worksheets;

  1. Front Cover
  2. Profile Dashboard
  3. All Customer and Prospect Records

Callcredit Marketing Solutions created the templates for each sheet in Excel. Once these had been created, they worked with Wesleyan to create a number of cubes and data grids to ensure the correct information is being populated for each adviser.

The reports have been designed at a territory level, therefore if for any reason a financial adviser leaves, then the adviser that replaces him/her will have a dashboard to show what their customer base looks like in comparison to their peers. This also has the benefits of helping the adviser to address which customers to focus as a priority, and which products to lead with.

  • Profile Dashboard
    Includes territory breakdown to help the adviser understand how his/her territory compares to other territories within their segment. This dashboard also shows the key metrics split by lifestage band that Wesleyan are looking to track;
        Active Customers (also shows increase/decrease to last month)          
        Appointments Made
        New Customers        
        Lapsed Customers
  • All Customer and Prospect Records 
    The final sheet provides the adviser with all their current and lapsed customers. All contact details have been included as well as what their current lifestage band is, and whether they are a new customer to Wesleyan this year. This enables the adviser to filter on the lifestage band and identify through an easy Y/N colour coded flag to see whether or not the customer holds a product in one of the key product areas.  Again all this data is populated from fields or derived fields within Discoverer.

Wesleyan Dashboard

Results

The report is distributed to 60 financial advisers (within the pilot programme) and to the Sales Relationship Centre (SRC) where there is one SRC per segment. These dashboards over the last few months have formed an essential part of the advisers sales strategy.

Feedback from the dashboards has been very positive. Currently 60 advisers and a team of 5 SRCs have access to their respective dashboards, however feedback has been so positive that the pilot adviser numbers has had to be expanded for the October supply. All the feedback from area managers is that these are providing the advisers with the correct tools to help maximise their customer base, and have become very important to their sales planning. Callcredit Marketing Solutions and Wesleyan will be reviewing all feedback from the advisers and SRC teams involved in the pilot with the aim of enhancing the reports further in time for the 2010 roll out to all 300 advisers.

Delivering a dashboard for each adviser in such a way makes innovative use of the Wesleyan marketing database. This is the primary channel for Wesleyan to market to, therefore using the marketing database to assist in this channel is very important. These dashboards are not only helping to deliver each adviser with added insight into his/her territory, they are also providing the tools required to be able to action this insight and help improve. As the dashboard tracks changes across several months the adviser can see whether they are making positive steps to increasing product penetration, and also to help understand how they are currently performing against their base.

Additional dashboards have also been discussed which would look at grouping the profiles up to an Area Manager level, and overall segment level.

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