Sales Training Case Study: Coaching to Develop Rainmakers
Chubb serves the insurance needs of property and casualty customers from some 120 offices in 27 countries around the globe. Chubb succeeds by establishing strong relationships with these independent agents and brokers, who place their clients’ business with Chubb underwriters. For much of the last decade or so, Chubb has been operating in soft market conditions. The issues Chubb faced are not unlike those facing other competitive businesses, such as new entrants to the market and undercutting of prices. Historically, the role of underwriter was a more passive one, receiving submissions from agents and then doing risk analyses and pricing. With soft market conditions, Chubb needed its underwriters to become more assertive business partners with independent producers to actively pursue business opportunities. To meet this need, Chubb partnered with Richardson to roll out the ‘Rainmaker’ program, a one-on-one coaching program tailored to the specific development needs of high-performing individuals.
For each of the three years the program was rolled out, the combined new and retained business estimate tops $1M as a result of the program.
93% of Chubb participants reported being able to apply what was learned with positive results.
Over 14% of participants attributed more than $150,000 in retained business to the Rainmaker program
“In order to better position myself and Chubb, I was able to retain and write new business. This is a direct result of the Rainmaker Program.”
Sales Associate & Participant at Chubb
The Chubb Talent Strategies Group develops underwriters’ acumen via its sales curriculum. The training has been highly utilized for the last decade; however the group wanted to improve upon the current programs. To meet this need, Chubb partnered with Richardson to roll out the 'Rainmaker' program, a one-on-one coaching program tailored to the specific development needs of high-performing individuals. Participants were provided with a professional coach who works with them to develop specific competencies relevant to their jobs and career aspirations. Rainmaker was initially rolled out as an advanced, nominations-based sales development program for underwriters and marketers. A second track for sales management development was created after the first year, tailored to underwriting, marketing, and field sales managers.