Case Study:
Leveraging Data for Enhanced Workforce Engagement and Reduced Employee Turnover in the Insurance Industry

From chaos to control through digital behaviors and predictive analytics

In a rapidly evolving 5,000 person London-based insurance industry, employee turnover posed a significant challenge. Seeking a solution, they turned to Lausanne Business Solutions (LBS) to research the root causes of employee turnover and explore the feasibility of using predictive analytics for early identification and intervention. LBS partnered with the offices of the Chief Human Resources Officer (CHRO) and Chief Technology Officer (CTO) to assess the current workplace and employee engagement levels, aiming to harness data-driven insights for lasting change.

To gain comprehensive insights into employee engagement and turnover, LBS conducted a thorough analysis involving both qualitative and quantitative data. This included interviews, surveys, and the examination of key data points. Using sample data such as collaboration patterns, email response times, sentiment analysis, and engagement surveys, ABC identified both leading and lagging indicators of engagement and turnover.

Key data sources and methodologies used:

Collaboration Data: To gain a comprehensive understanding of the company's self- diagnosis and expectations, we initiated discussions with the Vice President of Growth and Business Development, the Senior Director of Sales, and the CEO. This dialogue allowed us to align our strategies with their vision and goals.

Email Response Time: We kicked off the engagement with an introductory workshop for the sales team. During this session, we acknowledged their impressive successes and expressed our keen interest in learning the key factors that made them successful. We aimed to identify areas for improvement and reduce practices that hindered optimal performance. The sales team was comprised of professionals with diverse industry backgrounds, boasting an average of 10 years of sales experience.

Engagement Survey: We surveyed a subset of the company's current customers to gain insights into their experiences. While customers were generally satisfied with their account coverage, they expressed a desire for more education on the usage and benefits of their current subscriptions. Additionally, they wished for more holistic discussions that highlighted how the company's offerings could assist them in other related areas of work.

Network Analysis: Our consultants conducted in-depth analysis by observing live sales calls, both virtually and in-person. Through this process, we identified that the sales representatives, while highly professional, were missing crucial psychological triggers and emotionally intelligent approaches in relationship building and closing techniques

LBS meticulously mapped this data over time, providing insights at various organizational levels, including divisions and teams. Importantly, while LBS had the capability to isolate digital behaviors by individual employees, cemployee confidentiality was maintained by not sharing this information with management. [ Though we believe that the future interventions from actionable insights would be more effective if personalized data was disclosed. ]

The data-driven approach led to significant findings and actionable insights:

  • Isolated Predictive Behaviors: LBS identified digital behaviors that predict lower levels of engagement. These findings were aligned with the impactengagementTM survey and qualitative feedback from stakeholder teams.

  • Dashboard Development: LBS developed and deployed a customized dashboard for ongoing monitoring, enabling real-time tracking of engagement indicators.

  • Leadership Workshops: LBS provided workshops to leadership and middle management teams to address relationship gaps identified through data analysis. These workshops empowered leaders to take proactive steps in improving engagement.

Results

As of October 2022, the intervention phase of the engagement has yielded positive results, with signs of disengagement decreasing. However, the sustainability of these improvements and the efficacy of interventions in reversing downward trends will require long-term monitoring. LBS’ data-driven approach has proven instrumental in transforming workforce engagement and reducing employee turnover for the London-based insurance company. By identifying predictive behaviors, developing a monitoring dashboard, and providing targeted workshops, LBS enabled the client to take proactive measures to improve employee engagement. The ongoing commitment to monitoring and intervention is expected to yield lasting benefits, ensuring a more engaged and satisfied workforce in the dynamic insurance industry. This case study exemplifies the power of leveraging data to drive positive change within organizations.

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