Jason Butler, the new CEO of Jump Money who joined the business in June this year, has implemented a number of infrastructure changes to the way its advisers and customer services teams work along with the processes undertaken when arranging and implementing advised life business.
Some of the improvements that have been implemented during quarter three include:
- Measures to ensure Jump Money handles the client cancellation process rather than leaving it to providers.
- Establishing and implementing an integrated telephony and technology platform that facilitates several quality checkpoints. This culminates in auto-IVR (interactive voice response) technology that allows the client to confirm they are happy following all stages and that they wish to proceed.
- Slowing the process from sale to policy inception and introducing additional cooling off periods and notices.
- Ensuring strict quality measures and performance indicators are met by all operative protection advisers by developing a business quality scheme to monitor on a daily basis.
- Securing tighter regulation and terms with Jump Money’s media partners focused particularly around remarketing restrictions on enquires received and handled.
Butler consulted with a number of providers, most notably Legal &General, who as a major stakeholder were happy to assist in this project in order to put in place these best practice measures which are designed to deliver an overall improvement in the business quality.
Jump Money anticipates strong business volumes in quarter four 2011 and moving forward into 2012.
Jason Butler, CEO of Jump Money, commented:
“Since I started work at the company it was clear that we as Jump Money, and the entire life assurance and protection policy industry, needed to pay particular attention to the ever challenging persistency issues that continue to consume some of the larger market distributors.
"To that end we set about looking not just at our processes but those of all stakeholders; it is of major importance to us that we deliver our USPs professionally and profitably and focus on quality-only advisers actively advising at the front end who meet a strict set of performance indicators.
“We have in place a customer services department that focuses solely on the client journey and ensures the client is informed and advised at all stages of the process.
"We also have, as necessary, addressed the practices of both providers and media suppliers in a bid to come up with an integrated solution that ultimately increases the persistency and quality of the business we issue.
“To that end we have all worked hard during quarter three and the implemented changes have consumed a considerable amount of resource and cost.
"In that time we have seen a natural, short-term reduction in volume however the changes have produced immediate improvement to cancellation and persistency.
“My job has not been to tear up the way Jump previously conducted business but to consult with providers and media partners in order to put in place a range of new processes which improve quality and ultimately deliver sustainable and profitable business.
"These are early days of course but I am very pleased at the interim benefits of such changes and we certainly anticipate great improvement for the rest of the year and into 2012 and beyond.”
