Prudential chose to team with Accenture Learning Business Process Outsourcing Services to move beyond instructor-led training to increase the effectiveness of its sales force and support compliance with the UK Financial Services Authority regulations. The results have been impressive.
Prudential UK is a leading financial services group with more than 10 million customers and insurance policy holders across Europe, Asia and the United States.
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.
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.
Accenture delivered the learning solution in two phases. Phase one focused on improving the sales performance of new recruits and existing staff at Prudential's primary UK sales call center.
The solution consisted of a Web-based performance simulation tool (a pioneering learning tool developed and patented by Accenture) 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.
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.
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.
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.
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.