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Zurich Financial Success Story PDF
Zurich Financial Success Story PDF
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C isco IB S G C op yright © 2009 C isco S ystem s,Inc.A llrights reserved .
S uccess S tory
“The custom ers’feeling w as that Z urich d id not have a w hole account view of
the overallrelationship and allof the lines of b usiness they had w ith us,” says
J.P .Fow ler,executive vice p resid ent and eastern regionalm anager,G C iN A .
“A t the end of the d ay,they got treated d ifferently b y our d ifferent b usiness
units and risk-servicing team s.”
Despite its top-three standing in the industry and billions of dollars in annual
revenue,G C iN A b egan to feelp ressure not only from its siloed ap p roach to
d oing b usiness,b ut also from custom ers asking the com p any to change the
w ay it ad d resses the m arket.“This fragm ented ap p roach to sales and m arketing
p oses risks,” exp lained B lake C hauvin,a G C iN A glob alrelationship m anager
(G R L)b ased in S an Francisco.“A s insurance p rod ucts com m od itize and risk
exp ertise b road ens,com p eting for custom ers b ecom es increasingly d ifficult.”
G iven this land scape,G C iN A had to d ecid e w hether to rem ain a prod uct-centric
com pany or to transform itself into a com pany that excels in provid ing value—
enab led b y innovative technology— to its custom ers,sales and m arketing team s,
and customer/broker relationships.
S olutions
P rod ucts often com m od itize over their lifecycle.W hat d oes not com m od itize is
the w ay that com p anies service their custom ers.G C iN A und erstood that it could
gain m arket ad vantage through excellence in sales,service,and relationship
m anagem ent— rem aining a p rod uct-centric com p any w as no longer an op tion.
G eoff R id d ell,1 then CEO and now chairman of Global Corporate, initiated a new
go-to-m arket (G TM )strategy in 2006 to accelerate grow th b y b ecom ing “the
m ost relevant insurance com p any glob ally.” A ccord ing to R id d ell,G TM w as
d esigned originally to b ring new value p rop ositions and m essages to custom ers
in a new w ay— “ones that w ere clearly lab eled Z urich.” That is,the com p any
w anted to ensure that its m essaging w as not d iluted via the b roker channeland ,
therefore,need ed a b etter w ay to collab orate w ith channelp artners to d eliver an
enhanced value p rop osition,esp ecially in the area of custom services.
The G TM strategy w as incorp orated into a b luep rint that focused on b uild ing
sustainab le channelrelationship s and d evelop ing a sales-led culture d esigned
to change the attitud es and b ehaviors of hund red s of em p loyees used to w ork-
ing trad itionally through the various channels.U nfortunately,“The b lueprintcon-
tained a lot of concepts and processes ab out how w e could change b ehaviors,
b ut it needed m ore sp ecific,concrete actions that could b e im plem ented sw iftly
to drive G TM forw ard at an accelerated pace,” says G reg M aguire,executive vice
president and director of custom er and distrib ution m anagem ent for G C iN A .
1. In N ovember 2008, Global Corporate in N orth America announced the appointment of Mario V itale as CEO of Global Corporate.Geoff R iddell has assumed
responsibilities overseeing Z urich’s operations in Asia Pacific and the Middle East, in addition to becoming chairman of Global Corporate.
P rep ared b y C isco Internet B usiness S olutions G roup
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C isco IB S G C op yright © 2009 C isco S ystem s,Inc. A llrights reserved .
S uccess S tory
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C isco S ystem s,Inc.,IB S G C op yright © 2008 C isco S ystem s,Inc. A llrights reserved .
S uccess S tory
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C isco IB S G C op yright © 2009 C isco S ystem s,Inc. A llrights reserved .
S uccess S tory
R esults
In the past 18 m onths,G C iN A has transform ed its b usiness m od el,resulting in
tangib le b enefits in the area of revenue generation through cross- and up-selling,
enab led prim arily b y new on-b oard ing,collab oration,and sales-m anagem ent
processes.“W ith new custom ers,w e are b ringing the team together to m ob ilize
sooner on opportunities and cross-sell,” says C hauvin,noting,for exam ple,that
revenue d erived in 2008 from cross-selling increased roughly 20 percent
over 2007.
The success of the com p any’s transform ation has also b een confirm ed b y p osi-
tive custom er feed b ack regard ing im p roved service levels d uring recently intro-
d uced stew ard ship m eetings that take p lace w ith custom ers halfw ay through the
year to p rovid e a p latform for conversations ab out w hat w orked and d id n’t w ork
d uring the p revious year,and so on.
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C isco IB S G C op yright © 2009 C isco S ystem s,Inc. A llrights reserved .
S uccess S tory
The initiatives G C iN A d efined w ith IB S G have enab led the com pany to accelerate
the financialim pact of the G TM program .For exam ple,revenue from glob aland
corporate custom ers w as up roughly 13 percent d uring the first halfof2008
versus the sam e period in 2007,d espite challenging m arket cond itions.
Furtherm ore,retention ratios for G C iN A ’s relationship-d riven custom ers are
“Their [IB S G ’s]consult- up roughly 2 percent.
ing m od elis d rastically
B y w orking w ith IB S G to unleash sp ecific G TM features,id entify future action
d ifferent from other
item s,and think d ifferently ab out its core p rocesses,G C iN A has evolved the
'trad itional'consultants. initiative into a g eneralstrategy for increasing custom er-centricity,b roker-
They targ et q uick w ins relationship m anagem ent,and custom er relevance.“Their [IB S G ’s]consulting
w ith their clients that m od elis d rastically d ifferent from other 'trad itional'consultants,” says R id d ell.
d eliver value alm ost “They target q uick w ins w ith their clients that d eliver value alm ost im m ed iately.
im m ed iately." This is ap p reciated and need ed in tod ay's fast-p aced b usiness clim ate.”
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C isco IB S G C op yright © 2009 C isco S ystem s,Inc. A llrights reserved .
S uccess S tory
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C isco IB S G C op yright © 2009 C isco S ystem s,Inc. A llrights reserved .
S uccess S tory
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