Prudential UK: Performance Simulation Brings Measurable Increase in Sales and Compliance Levels

Prudential UK, with more than 10 million customers and insurance policy holders across Europe, Asia and the United States, leverages performance simulation to increase sales and improve compliance levels.

Prudential faced two business challenges: an aggressively competitive financial services market and increased regulation from the UK Financial Services Authority. To address these challenges, drive business growth and establish itself as a high-performance business, Prudential embarked on a strategic initiative to reduce operational costs, increase productivity and sales per agent, improve customer service, and implement a higher level of compliance in its sales call centers.

The first step was to re-evaluate the sales call centers with a view toward reducing costs and improving productivity. Prudential decided to consolidate two of its sales call centers, and recruit 50 new sales consultants at its primary call center in the United Kingdom. In addition to the challenge of training 50 new sales consultants, Prudential determined that existing call center staff did not have the required sales and customer service skills to support the company’s business goals, and compliance levels among sales consultants were low.

With the challenge of improving the sales and customer service performance of more than 2,000 call center representatives geographically dispersed across five locations in the United Kingdom, Ireland and India, Prudential determined that it needed to move beyond its instructor-led training approach and leverage a blended learning solution targeting the skills that drive high-performance sales growth. Prudential chose to partner with Accenture in this initiative because of Accenture’s proven record in delivering innovative learning solutions, and its deep expertise in improving workforce capability.

Accenture delivered the learning solution in two phases. Phase one focused on improving the sales performance of new recruits and existing staff at its primary UK sales call center. The solution consisted of a Web-based performance simulation tool targeting the sales and compliance skills of call center staff, a knowledge management portal providing central access to all information needed by sales consultants when interacting with customers, and a framework of classroom-based, instructor-led training.

Performance simulation is a pioneering learning tool developed and patented by Accenture. Similar in concept to a flight simulator, performance simulation immerses learners in simulated business environments where they learn by doing. As opposed to learning approaches that merely focus on building knowledge, performance simulation builds knowledge and then targets the more important judgment and decision-making skills that are critical to successful sales and business interactions. Performance simulation is uniquely defined by its powerful feedback and remediation tool, which analyzes the decisions of each learner and provides individualized feedback and coaching addressing the specific needs of the learner.

The performance simulation developed through the collaboration of Accenture and Prudential consists of three customer conversations, each call 30 to 45 minutes in length. Each conversation is structured around an expert model that ensures proper compliance practices are incorporated, and successful sales and customer service techniques are applied. The objectives of the simulated calls are to improve the skills of sales consultants in the following areas:

• Summarize needs of the customer and establish their priority
  
  
• Present products and overcome customer objections
  
  
• Manage a call effectively
  
  
• Integrate compliance into all conversations with customers
  
  
• Successfully close a call (summarize and agree on next steps)

In addition to the performance simulation, Prudential teamed with Accenture to implement a knowledge and content management platform that provides point-of-need access to critical information. Previously knowledge content had been scattered across various sources, preventing sales consultants from having immediate access to information when speaking with customers. The knowledge management platform developed by Accenture provides a single portal in which critical product, process and compliance information is logically and intuitively organized, enabling immediate access to content and facilitating high performance. The portal has been a critical enabler for call center representatives in providing rapid service to customers and driving sales.

Due to the success of this implementation, Prudential moved forward with a second phase of the learning solution, expanding to the broader audience of customer service and sales call centers throughout the United Kingdom and India. Accenture developed three additional performance simulation applications targeting the following strategic objectives:

• Build further capability in its customer service call center staff in complaints handling, customer retention and direct sales lead generation.
  
  
• Increase sales and support the introduction of the new account management process.
  
  
• Develop listening, fact finding and objection handling skills in its offshore customer service operations.

The performance simulation and knowledge management solution developed and delivered by Accenture has been a breakthrough initiative for Prudential, positioning its call centers for increased sales and improved customer service that drive high-performance growth.

The blended learning solution developed by Accenture has been a success for Prudential. For the first time in its history, Prudential is implementing a learning approach that leverages state-of-the-art performance simulation and knowledge management technology to drive sales and customer service skills in its call center staff, and proactively implement compliant behaviors.

The learning solution has been released to an audience of more than 2,000 sales and customer service consultants throughout the United Kingdom and India. Due to Accenture’s flexible and customizable eLearning platform, the applications were delivered in a swift timeframe: Release 1 was designed, developed and delivered in eight weeks, with Release 2 delivered in nine weeks.

Results have been impressive. Three months after implementation, the following performance improvements were measured in call center staff:

• Increased sales conversions by 9 percent
  
  
• Increased value per sale by 3 percent
  
  
• Improved compliance by 9 percent
  
  
• Learner confidence improved by 23 percent

“The performance simulation and knowledge management platform developed by Accenture has proven highly successful in increasing compliance in our call center staff, and improving sales and customer service skills. Previously, our approach to ensuring compliance was very reactive – this new learning solution has empowered us to be proactive in implementing these critical skills in our staff. Our partnership with Accenture has resulted in a powerful learning approach that is driving exceptional performance in our call centers.”
Vice President, Sales and Customer Service, Prudential.