JLT Specialty is a specialist insurance and risk management broker, providing services to clients in 14 sectors.
A company with offices in 40 countries and more than 10,000 employees, they provide services to clients in 14 sectors and are part of the Marsh & McLennan Group.
Whatever you need to insure, JLT can cover it – from satellite launches to shiploads of valuable cargo. But they operate in an arena where other brokers have access to the same insurance products, so their business lives or dies by the relationships they have with their clients.
The Challenge
JLT wanted to gain a deeper understanding of their clients by identifying what really matters to them and how JLT was performing in those areas – where they excelled and where they could improve.
Our approach
The first step was to engage with JLT’s Account Managers as the key client-relationship stakeholders. Working together, we developed an online client survey that explored areas such as JLT’S performance, customer loyalty and JLT’s Net Promoter Score (NPS).
After a personal ‘warm-up’ email from the account team, the survey was delivered via Savanta’s highly sophisticated online platform – designed to make completing surveys as painless as possible. Using a combination of features including mobile optimisation and auto-saving, responders could complete the survey at their convenience. A surefire way to boost response. Anonymity also encouraged the clients to provide ‘robust’ answers to the questions.
Once the results were in, Savanta used a statistical technique known as Regression Analysis to find correlations between overall and unusually high satisfaction in specific areas. This identified what was really driving JLT’s client satisfaction.
The outcome
JLT’s management was clear from the beginning that they wanted more than a set of customer satisfaction statistics. The research needed to deliver tools that could improve business performance, and a set of measurable actions to help boost customer service levels.
As well as a detailed ‘health’ review of clients (including a comparison with B2B norms), the results provided a map of the relative importance of different relationship aspects, compared against JLT’s performance. This clearly outlined areas for JLT to either promote or improve. Equally useful, was a ‘blueprint’ of the ideal client experience which they can use to guide the decision-making process.
At a strategic level, JLT can now identify what truly drives client satisfaction, enabling them to focus on areas that will have the greatest impact. At a more tactical level, they have uncovered opportunities for enhancing their business, including cross-selling products and generating more referrals.
Since implementing the recommendations from the study, JLT’s Net Promoter Score has increased by 74% and satisfaction with the client experience has increased by 28% as a result.
The survey showed us that our clients were true advocates for us and would be very willing to refer us to industry colleagues, but that we needed to formalise this process more. The research programme has definitely provided additional tools to help us communicate our strengths, as well as enhancing relationships with existing clients.
Jo Poucher, Marketing Manager