Crump Insurance is a prominent, independent wholesale distributor of life insurance that links approximately 200,000 financial services professionals with the products manufactured by over 100 highly-rated insurance companies. Crump supports the distribution of these products with premier sales and back-office support services.
The Crump leadership team understood the importance of developing and retaining top performers in the highly competitive and complex insurance industry. They wanted to identify top performers across the sales organization and raise the caliber of high potential employees. They also wanted to invest in keeping good employees by improving job satisfaction which would ultimately translate into a stronger commitment to the company.
The Challenge
The Crump team articulated their organizational development goal for their sales development program and identified several supporting goals for their top performers:
- Increase the number of opportunities and relationships in the marketplace
- Improve practice management with better focus on priority opportunities
- Increase the quality of opportunities
- Higher job satisfaction and commitment to Crump
The Solution
The Crump leadership team considered various approaches and contacted Velocity Advisory Group to help them design and execute their sales development program. Velocity interviewed channel leaders to identify success criteria and best practice gaps.
Guiding principles for the resulting program included:
- Hybrid approach that included training and coaching
- Continuing management support
- Competitive eligibility ensured invitations for participation went only to those who met revenue and other acceptance criteria
“The skills and techniques that I learned and practice as a result of Velocity’s sales development program have changed the way I work on a daily basis. Once I bought into the partnership strategy, the tactics were obvious. I am more successful and much happier in my career path.”
The Results
The combination of targeted training that was reinforced by regular coaching sessions enabled Crump’s sales team to apply their learnings in the marketplace. This directly and positively impacted revenue and the quantity and quality of relationships with agents across the industry. The team’s focus shifted toward building long-term, trusted advisor relationships to replace one-time, transactional successes.
- 78% of participants surpassed their peers in revenue
- 100% of participants surpassed their peers in year-over-year revenue growth
- The entire group increased their number of new business submits by 138%
- Participants increased average case size by 35%
Read the full case study below or click here for a downloadable PDF.
Crump-Case-Study_Sales-Dev