Financial services giant beats sales goals by increasing the emotional competence and retention of its financial planners

SITUATION
Largest field force selling retail financial services was suffering a low conversion rate for life insurance products, and struggling with high salesforce turnover, especially in the first 12 months for new hires. AMEX believed that the problem was a mix of boring product offerings and sales force boredom.

INSIGHTS
Life insurance purchases are motivated by customers’ trust in the salesperson and the company (which also fuels customer loyalty). This trust, in turn, is largely the result of salespeople listening and empathizing with their customers. In essence, the emotional connection between customer and salesperson/provider is much more important in selling life insurance than the features of the life insurance policy or the salesperson’s knowledge or the company’s reputation.

IMPLICATIONS
Salespeople needed training to develop listening and empathizing skills as well as product knowledge and license requirements.

RESULTS
After implementing Resonance recommendations, client increased average sales by more than 20% over the first 12 months and reduced salesforce turnover by more than 35% in the first 18 months. "We were pleased enough from the outcome to make it part of our standard training for new salespeople, as well as offering it to manages and other people in leadership positions," Doug Lennick, Executive Vice President at American Express Financial Advisors.

This work is featured in "Working with Emotional Intelligence" by Daniel Goleman (Chapter 10). You can also read more about these breakthrough results in a reprint from Fast Company Magazine.