Friends Provident e-Select
Case Study
Friends Provident developed a strategy of boosting their earnings via sales growth and margin improvements on their protection insurance products. They targeted a series of low margin products and set out to change their business in order to deliver these profitability.
Growing earnings with low margin products requires significant growth in volumes and a scalable operating environment. This scale needs to be achieved with minimal marginal cost increase.
Friends Provident selected Practiv as their change partner to deliver the required business process changes and software solution.
In less than two years their market share more than tripled, from 3% to 14% and online application volumes increased by 70 times (7,000%) in three years. Today 50% of their applications are received online, and these are delivered with a 75% reduction in processing.