Solutions and results

Seguros Génesis

Seguros Génesis – a multi-channel insurance company in Spain – sold both life and general products through its bank branches, through a network of face-to-face consultants, and by phone. The company needed to initiate a product development programme to support the traditional, face-to-face network. However, given increased competition between its own channels, as well as with other similar networks, it was uncertain how to position the salesforce in the market and, therefore, what product range it needed.

We researched consumer and market trends for the Spanish and other comparable markets, and developed a series of future scenarios both to help formulate a series of strategic options and as a benchmark against which to test them. We then set up a five-day workshop, attended by directors from each major function, not to consider the strategy but to formulate and agree it.

At the workshop, the first step was to develop and refine a customer proposition for the sales force that would fully differentiate their service and target market from both internal and external competition. That allowed us to define a series of product strategy options and the key success factors for each, and assess their relative attractiveness against a range of criteria.

By the beginning of the final day of the workshop it was clear which were the most attractive options, and which the easiest to achieve. But, the process also revealed how to make the less appealing options more attractive, and how to bring the more challenging options within the organisation’s reach. By the end of the day not only did the senior team have an agreed strategy, they knew what they had to do to make it work.