Page 8 - Peerless Performance Travelers Proposal

The Recent Earnings Call Sums Up The Approach To Innovation Well:
“We have a very active innovation agenda going on.
We view this as an important
part of the strategic work we are doing, and we think it’s important in the industry.”
Alan Schnitzer, CEO Travelers
Performance – People enable technology.
Travelers’ past success and future performance happens because of what the past annual report describes as “our greatest asset” – people, and for this discussion, channel sales partners.
Strong champions for understanding and implementing the innovation initiatives, Travelers employees make a difference
to customers, principals, producers, agency employees and
to the Travelers’ organization. This is a critical differentiator in a marketplace that continues to become more consolidated and competitive than ever before.
Incentive – Travelers Rewards Value® + Programs
Travelers drives incentives with the successful, well-designed Travelers Rewards Value® program. Today, the program features an online presence, with overarching and spiff incentives that drive incremental growth and brand awareness.
Current incentives primarily target the Producers. Other incentives and recognition include the Personal Insurance Agent of the Year.
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(Big) Opportunity – 30% Carrier Turnover
A close look at the space in which agents play reveals that 90%+ of agencies keep existing clients year-over-year.
But.
There is one interesting number – one that reveals an opportunity for growth. There is a 30% turnover in carriers within those relationships. This creates a question – can incentive programs influence more positive outcomes in spaces like this.
This is exactly what next generation enterprise solutions are accomplishing. This proposal demonstrates how Dealer Principals, Agency Management, Internal Sales and Producers are all included to create an emotional connection that further drives incremental growth and enhanced brand loyalty.
“Insurers have a unique opportunity to leverage multiple sources of data to create deep customer relationships and to become more efficient.”
– Shaun Crawford EY Global Insurance Leader