More efficient sales at A M P
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AMP was founded in1849.
At that time in Australia, people faced the constant risk of injury and disease. Many people were employed in hazardous occupations and, without today’s social welfare or pensions, that meant the consequences for families in the event of their breadwinner's death, disability or even old age could be severe. In extreme cases, families were left to beg for their basic necessities.
A small group of concerned community leaders saw the need to provide financial security for people and established the Australian Mutual Provident Society, or AMP.
AMP today is a wealth management company that provides financial advice and a broad range of products through a network of Advisers operating primarily in Australia, New Zealand and India, with 3.5 million customers worldwide.
Its three businesses are financial services (through AMP Financial Services), investment management (through AMP Capital Investors) and insurance services (through Cobalt/Guardian).
AMP develops innovative investment products, builds reliable risk management models and use sophisticated financial instruments to clients' investment needs.
The company wanted to leverage its extensive customer base in the UK by offering products beyond those currently provided. We helped the business to develop more efficient sales and administration processes so that staff had more time to spend on the identification of customer needs. This was supported with the introduction of more effective recruitment and training.
These initiatives were the platform for the development of a new UK banking operation offering mortgages, loans and a wide range of savings products. The elapsed time from mortgage application to offer was reduced by 60%. Cross sales were increased by 30%. In the three years following the changes, staff turnover consistently ran at less than 1% per month. Sales expectations were exceeded by 33%.
