Boston University Corporate Education Center Helps
National Insurance/Financial Services Company’s Top Agents Master Generations X and Y Challenges

Insurance and financial services customers are changing. New buyers are now from Generations X and Y – people who think and act differently from their Baby Boomer parents. Their networking methods are unique; they communicate more using technologies like email, instant messenger, and chat groups, and they want a strong connection before they'll become customers. One of the largest insurance companies in North America wanted to help its best independent agents understand the market and competitive forces affecting the future of their business, and plan for the anticipated change in the market when the assets of baby boomers pass to this new generation. The Insurance Company asked Boston University Corporate Education Center to develop a customized, interactive program to highlight industry factors driving the need for change, and promote critical discussions on how to proactively address these new demands.

Large Insurer/Financial Services Provider Sees Major Changes in Market
This national insurance company offers property and casualty, and life and health insurance, as well as financial services through 17,000 agents. The company has diligently followed market changes in its customer base and each year provides education for its master agents to help them capitalize on current trends. Over the next 15 years, it is widely recognized that there will be a huge wealth transfer between the generations as the baby boomers reach retirement. This exodus of assets from the company and agent businesses represents a huge risk if plans are not made now to attract the next generations of young adults as customers.

For a company that insures one in six cars and one in five homes in the U.S., it is vital to stay ahead of this evolution, so that the company's assets – investments made by the baby boomers in its products – don't go to other companies. It is essential that these master agents develop plans to attract Generations X and Y to keep their businesses, and the insurance company, strong. Because of the differences between baby boomers and younger adults, the company doesn't expect the good relationships it enjoys with current customers to automatically transfer to their children; the company and its agents will have to forge new relationships based on new parameters. Creating awareness among master agents of this need for change is an early step in helping them preserve dominance in the market.

New Training Approach Required to Meet Market Demands
In previous years, the insurer conducted education programs for its master agents using an academic approach, with respected professors presenting issues in a lecture format. However, Boston University Corporate Education Center brought a new approach to the training challenge, with an interactive format that engaged the agents in targeted learning forums, promoting dialogue and discussions to facilitate the sharing of information, ideas, and best practices.

"Boston University Corporate Education Center's approach to training our agents was a true learning experience, rather than just a series of lectures," noted the manager for learning and development. "This approach was really what we needed. It challenged our agents to think and explore these issues in depth and return to their businesses with fresh ideas."

The company originally began working with another university for this educational program. Unfortunately, that university was not prepared to deal with a business group such as this; it could not meet the group's needs. The insurer then sought a university that specialized in corporate education and selected Boston University Corporate Education Center. The company preferred Boston University Corporate Education Center's reputation for quality and its ability to customize content and delivery to meet the insurer's distinctive needs. Because of the successful history of the Corporate Education Center, the company knew that Boston University Corporate Education Center would meet the group's requirements and provide good value.

Boston University Corporate Education Center is a charter member of the Project Management Institute's (PMI®) Global Corporate Council and the only university represented on the Council. Boston University Corporate Education Center is also a charter Global Registered Education Provider through PMI. The University's project management curriculum is compliant with the Project Management Body of Knowledge (PMBOK®) Guide, a collection of best management practices for project management. In addition to preparing project managers for certifications including Project Management Professional (PMP®) and Certified Associate in Project Management (CAPM®), Boston University Corporate Education Center offers a wide variety of project management courses and certificate programs, and its curriculum can be customized to meet the specific development needs of customers.

Boston University Corporate Education Center Teams with Insurer to Develop Custom Training Program
Boston University Corporate Education Center worked with the insurer to customize a three-day intensive "solutions-based"education program for 60 agents from New England. With a program development and design committee that included three master agents, two company executives, and learning specialists from Boston University Corporate Education Center, the program took shape to focus on establishing solutions-based versus transaction-based agency business models, with significant focus on the youthful market and the evolution that master agents would have to consider in their business approach. The committee provided industry and company-specific data, identified goals, and developed the core focus. Boston University Corporate Education Center facilitated this development and design process and provided thought leadership on business cycles and solutions-based business models. The overall program was designed from the agents' point of view to ensure relevancy. The presentations and facilitated discussions delivered by Boston University Corporate Education Center were supplemented with presentations from company leaders and outside speakers to deliver an integrated, focused learning event for both the master agents and company's leadership.

Under the guidance of Boston University Corporate Education Center's professional facilitators, the breakout sessions engaged the company's top agents in discussion and information exchange around key concepts: understanding a new market, development of value proposition and branding, and solution selling to a new constituency. All of the sessions optimized active participation and generated ideas around the core points.

Boston University Corporate Education Center's New Approach Creates Successful Program
"Boston University Corporate Education Center's guidance was essential to the success of this program," explained the learning and development manager. "Master agents are the top producers for us. While they are recognized in many ways each year, we wanted to provide a high-quality development opportunity to help them build their businesses further.

"This was our first endeavor using Boston University Corporate Education Center's approach, and it was a positive, valuable experience for our master agents," the manager continued. "If you want to make an impact, you need individuals who are practicing what they teach; that is certainly the case with Boston University Corporate Education Center."

The seminar program, conducted at Boston University Corporate Education Center's main campus in Boston and its Corporate Education Center a short distance away in Tyngsboro, offered a unique learning experience to the master agents. In addition to developing and conducting the program, the University provided facilities and handled much of the logistics.

Positive Business Changes from Boston University Corporate Education Center Training Program
While the benefits from the program are expected to be seen over the next ten years, there are some early indicators that the master agents have started to adopt ideas raised during the conference. Since the program, there has been an increase in the number of term life insurance policies written for 18- to 35-year-olds, and more renters' policies, which are typically purchased by younger adults, have been written.

The company is also seeing increased understanding of the issues and ability to mentor other agents to help them through this change. The lessons learned at this seminar are being shared among agents at quarterly meetings, where company officials are hearing this dialogue take place. And, truly different practices are being implemented in master agent businesses through staff hiring and marketing campaigns.

"The opportunity to work with a prestigious educational institution such as Boston University Corporate Education Center offers a good marriage between the business and academic worlds," the learning and development manager observed. "Through this program, we were able to gain experience beyond our walls and learn beyond our normal development resources."

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The Boston University Corporate Education Center combined information on market and competitive forces with approaches to establishing a solutions-based business. This material was developed and integrated to create a consistent message across the overall program topics, which included: Winning in Tomorrow's World Designing Your Business for Solutions Understanding Generations X and Y Technology and IT Strategy Customer Loyalty – Myths and Realities Peak Performance, Under Pressure

About Boston University Corporate Education Center's Corporate Training Programs Boston University Corporate Education Center, the nation's premier provider of corporate training, offers fully customized corporate employee training and development programs and services that deliver positive cost-benefits to any organization. Boston University Corporate Education Center will customize its training curriculum to meet a company's development needs and deliver it whenever and wherever it is convenient for the organization. To find out more about Boston University Corporate Education Center's corporate learning solutions for corporations and government agencies, call 1-800-BU-TRAIN (288-7246) to speak to a knowledgeable corporate account executive about receiving a free analysis of your company's training needs.

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