Is sales force attrition a necessary cost of growth?
With a finite talent pool to tap into, an insurance company was seeking a technology-based solution to help it hire and retain the best talent while keeping costs low.
One of India's leading life insurance companies, a joint venture between two global conglomerates, registered phenomenal year-on-year financial growth in the past few years. It aimed to be one of the top five life insurers in India in the next 3-5 years. However, controlling the attrition rate of the sales force posed to be a major hindrance and was impacting its bottom-line.
The company operates in an industry which traditionally observed high attrition rates along with a finite talent pool. Reducing the attrition rate and driving sales productivity became a strategic priority for the company. The company was also aware of the need to build a digital-led modern organization with minimal disruption of existing business and people processes. Hence, the company wanted to drive a strategic people initiative to control attrition, hire and retain the best sales talent available in the market on the back of an efficient data-backed process, and thereby, improve the bottom-line of the company.