Innovation Awards

How Innovation Awards Winner Increased Revenue by 240%

Posted by Liz Dean on Thu, Mar 29, 2012 @ 05:06 PM

Mondial Assistance USA, of Richmond, VA won a Stevie® Award for Business Innovation of the Year in the company awards categories of The 2011 American Business Awards, the premiere business awards program in the U.S.A. (The final entry deadline for the 2012 ABAs is April 25; request your entry kit today.) Here we look at how Mondial Assistance used emerging technology to streamline their onboarding process.

Mondial AssistanceIn 2010, Mondial Assistance USA, a global leader in specialized insurance and assistance services, decided to revamp their outdated onboarding system by launching a new online system.  The organization awards winner had one objective: to design and implement a dynamic white glove experience that was well-designed, efficient, and exceeded the expectations of new clients. The new system had to combine technical innovation with user friendliness.

Project Goals
The innovation awards winner had three goals in mind for their new Agency Onboarding system:

  • Decrease Time to Sell
    By streamlining the onboarding process, Mondial Assistance employees would be able to begin selling products almost immediately.
  • Increase Customer Satisfaction
    By improving the onboarding process, Mondial Assistance would be able to create and strengthen relationships with customers.
  • Decrease Internal Management Costs
    By streamlining the process, Mondial would be able to eliminate the paper trail and leverage technology innovation resulting in better use of employees’ time.

Implementation
The innovation award winner implemented their new Agency Onboarding system in two phases.

In phase one, the company:

  • Reorganized past processes to reduce the number of departments needed,
  • Digitalized all documents, and
  • Began an email campaign for its' customers.

In phase two, the company centered their project on creating an easy onboarding experience for the customer. Phase two also allowed for account numbers, W9 tax forms, and customized brochures to be produced automatically.

Results
In less than three months, Mondial Assistance saw:

  • 24.7% growth in the number of agencies onboarded over the same timeframe from the prior year;
  • 200% growth in the number of agencies selling at least one policy; and
  • 240% growth in generated revenue.

About Mondial Assistance USA
Mondial Assistance USA is a global leader in specialty insurance and emergency assistance services and is part of the Allianz family of companies. Mondial Assistance offers a broad portfolio of insurance, retirement, assistance services and asset management products and services. Four percent of the world’s population are served by Mondial Assistance businesses around the globe. For more information please visit: www.mondialUSA.com.

Tags: innovation award, innovation awards, American business awards, company awards, emerging technology, Mondial Assistance USA, organization awards, technical innovation, technology innovation