Sales team merger integration

Led a merger integration team for a top-five group benefits carrier following their acquisition of a rival employee benefits insurer. Our team was charged with designing new sales compensation programs for service representatives, sales reps, sales managers and regional vice presidents. The project met multiple objectives of retaining key sales talent from both companies, staying within compensation financial targets established in product pricing, supporting achievement of the company’s sales projections and ramping up within the very aggressive timeline established by the merger transition manager.

Development of an insurance company model of the future

Worked as part of an executive team, assisted by an investment banker, that developed a business plan for an innovative, new employee benefits insurance company model. The vision included radically streamlined, less costly distribution, outsourced administrative services to access and leverage state of the art technology, a focused product set and disciplined risk management. The concept and financial model were enthusiastically received by private equity investors, but never launched because a suitable insurance company, well capitalized, with acceptable financial ratings, and with some existing customer base and infrastructure, was not available in the marketplace. The proprietary concepts developed remain potentially very attractive.

Improved sales productivity of medical stop loss distributor

Worked with a top tier medical stop loss distributor to develop consultative selling strategies resulting in increased revenues from existing customers, establishment of productive new customer relationships, and improved effectiveness/lower cost of sales. The project’s primary focus was on actionable, practical, tactical solutions designed to have near term impact.

Process assessment for a large, publicly traded insurance brokerage and consulting firm

Worked with a large, national, publicly traded insurance brokerage and services company to assess operational effectiveness. We reviewed the capabilities and business relationships among their member insurance firms, their key insurance carriers and the service providers they utilized to support achievement of their business plan. The report following the assessment was very well received and allowed management to make strategic decisions that led to solving business problems that had plagued the firm for years.

Strategic planning

Eastport has worked with a variety of clients to develop strategic plans. For example, Eastport worked with a fast-growing provider of software to insurance companies, third party administrators and employers with self-funded employee benefit plans to develop a strategic plan that helped them overcome growing pains, and positioned them to support continued rapid growth while delivering an excellent service experience for their customers.

Support for new disability insurance product by large Asian insurer

Eastport developed a sales and marketing template for an Asia-based insurance company that was developing the first comprehensive individual disability insurance product for launch in their domestic market. Language challenges and significant cultural differences were overcome, and strong personal bonds and trust were established. A long term relationship with the company executives remains in place, and they periodically contact Eastport Marketing Group for advice and help.

Asia-based trade organization support

Provided recommendations to the founder of an Asia-based insurance trade group on getting started, building a funding and support network, and developing a strategic plan that would lead to success.

Eastport has successfully completed many other projects

Eastport has successfully completed a variety of other projects in the areas of compensation strategy and design, strategic planning, process based customer service strategies, integrations, distribution strategy, disability claim analysis and advising a large, family owned insurance business.

Field service organization re-structuring

Reviewed the field-based service organization and processes for a top tier employee benefits organization with a strong voluntary presence. The project resulted in streamlining and consolidating the field based service organization and process, and upgrading the roles of the remaining field based service professionals. The outcomes included faster and more accurate customer service, improved customer retention, better alignment with the service models of the company’s key distributors, and removing service burdens from the sales team to facilitate more focus on productive sales activities.

Multinational disability claims assessment

Eastport was asked to lead and manage a strategic disability claim assessment project by an international insurance carrier with a US based subsidiary. The objectives of the project were to conduct a comparative analysis of disability claims in the company’s different company markets, to identify differences, and to determine the reasons for the differences in claim results including those deriving from product feature and contract language differences, available resources, processes, cultural differences, legal environments and entitlement programs. The project uncovered dramatic differences in results, and the report provided informed hypotheses about why the different results took place, as well as recommendations for how the company could use the information to create competitive advantage.

Sales team merger integration

We were asked to assist a major group insurance company that purchased a large competitor and was looking to complete a rapid integration. Eastport’s experience with mergers and integrations, objectivity, multiple product lines, and presence as an additional senior level resource helped the company achieve its objectives. Eastport’s focus was on development of an integrated sales compensation strategy and program for the combined companies, designing a compensation transition plan, and on providing experience based advice to the sales executives about completing a successful integration of two sales teams that had previously been competitors.

Voluntary enrollment and service assessment and improvement

Completed a project for a voluntary insurance carrier to improve the accuracy and timeliness of the enrollment and initial billing, eliminate re-work, reduce expenses and manpower, while increasing participation and retention of enrolled employees through the first several payroll deduction events. Recommendations were presented to the senior management team, approved and implemented.

Turnkey disability insurance product for new entrants into the market

Worked with an executive team to develop a concept and assemble the reinsurance, expertise and resources that would enable an existing insurance company to rapidly enter the disability insurance market. The concept would allow an existing insurance company to quickly go to market with a disability product, providing an exciting new offering for their distributors and customers, without straining the company’s available resources, adding excessive risk, or creating significant capital strain. The concept launched successfully, and insurance companies have signed on and offer the product.

Outsourced disability claim management resource development and marketing

Eastport developed a marketing strategy and assisted with its execution for a top tier disability insurance company that desired to offer their claim management expertise and resources as an outsourced disability claim management solution for other insurance companies, third party administrators, closed disability insurance blocks, and employers with self-insured disability insurance benefit plans.