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Distribution Excellence: Sustainable Strategies for Long Term Success and Market Share

Distribution Excellence: Sustainable Strategies for Long Term Success and Market Share. John King-Beckles, CLU, FLMI Associate Vice President Firm Relations Nationwide Insurance. Presenter John King Beckles, AVP Firm Relations . Strategic Considerations. Key Strategic Considerations

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Distribution Excellence: Sustainable Strategies for Long Term Success and Market Share

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  1. Distribution Excellence:Sustainable Strategies for Long Term Success and Market Share John King-Beckles, CLU, FLMI Associate Vice President Firm Relations Nationwide Insurance Presenter John King Beckles, AVP Firm Relations

  2. Strategic Considerations Key Strategic Considerations are Fundamental • Your Distribution Model • Captive Agency • Non-Affiliated • Relationship Management • Competitive Product Development/(secret sauce) • Shelf space • Attracting and Retaining Top Producers/Advisors

  3. Captive Agency Average Agency Characteristics* 50 Agents 19 Recruits Three full-time second-line Managers Seven administrative staff Production of $2.1 M (FYCs) 55% of FYCs from Life and Health Sales 95% of FYCs earned by full-time agents Relationship Building Multi-Tasking Abilities *Agency Expense and Performance Study (2007) LIMRA International Inc. Distribution Model

  4. Non-Affiliated Develop Strategic Selling Alliances Which firms? Depend on “Alliance Partners” Distribution Process Geographical reach Wholesaling Model Critical Ability to reach key advisors Intense Competition for Shelf Space Brand strength awareness Producers/Advisors Employees of Broker/Dealer Distribution Model

  5. Three Key Components* Develop Industry and competitive knowledge Excellent product knowledge and budget management skills Teamwork and leadership skills *Kasina-Excellence in Distribution 2010 A Territory Management Skills Relationship Management

  6. Relationship Management Key Attributes • Prior Experience – What Kind? • Learn Quickly • Learn how to handle difficult situations • Adventurous • Passionate • Positive • Friendly • “Sparkling” • Global View of the business • Network Orchestrator

  7. Relationship Challenges*-continue Common Concerns expressed by Business Partners We don’t want to be “romanced” They should focus on being useful to us, not becoming our friends They are only interested in sales, not in solving our problems Firms are demanding more from us, not less They want to think we’re there when they need us We have to be able to deliver the service and efficiency the firm expects Supply solutions and “teams” to solve problems *Key Acct Management – The Trusted Advisor-Maister Relationship Management

  8. Relationship Challenges* Common Concerns expressed by Business Partners Make an impact on our business; don’t just be visible Spend more time helping us think and helping us develop strategies Lead our thinking. Tell us what our business is going to look like 5 or 10 yrs from now *Key Acct Management – The Trusted Advisor-Maister Relationship Management

  9. Shelf Space – Vital Product Competitiveness Position on Broker/Dealer shelf Versatility of Product design Easy to sell *Horsesmouth and Kasina-FA vision Competitive Product Development

  10. More conservative Product Offerings Greater Product Diversity Impact of legacy blocks/issues Competitive Product Development • *Horsesmouth and Kasina-FA vision

  11. Attracting and Retaining Top Producers and Advisors 300,000 250,000 200,000 * The Cerulli Edge Advisor Edition 2Q 2008

  12. Attracting and Retaining Top Producers and Advisors * The Cerulli Edge Advisor Edition 2Q 2008

  13. Key Implications* The US advisor force is aging Undergraduate Financial Planning Programs are producing a pipeline of new talent Traditional channels are having a smaller percentage of new entrance *The Cerulli Edge Advisor Edition 2Q 2008 Attracting and Retaining Top Producers and Advisors

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