Purposeful experimentation resulted in $951M of Funds Under Management for this Super Fund
A Major Australian Super Fund engaged GRIST to help them move away from transactional service conversations and toward more proactive value-adding conversations within their member services contact centre.
It was evident at the outset, a micro-behavioural conversation framework was required; however, past experience caused some resistance to this within the Super Fund.
In order to shift perspectives and highlight the benefits of a micro-behavioural approach, GRIST employed the Little Big Experiment© (LBE) concept. This method uses behaviours in a tactical way to solve business problems. In this case, asking the Super Fund members whether they had super elsewhere, whether they’d like to consolidate it and then taking control of that Yes.
Funds under management and consolidations was the key metric.
The result of the traditional LBE portion of the journey resulted in a $194 million (65.5% uplift) in FUM (Funds Under Management) roll-in in comparison to the same time last year.
On the back of these outcomes, GRIST launched ‘the GRIST Program’, designing a micro-behavioural conversation framework for member services and commencing engagement more broadly throughout the business to create similar but tailored programs.
As March 2020 rolled around and COVID 19 caused unprecedented disruption, GRIST and Super Fund went into a pause and pivot stage. The results of which were a shift to a ‘Virtual GRIST Program’ plan encompassing customised programs for individual departments. Despite this shift, the program went on to successfully embed the conversation framework with a strong focus on leader-led coaching. The subsequent uplift across the business reached $951.5 million in FUM roll-in by the end of May 2021; with 10,566 members taking action as a result of the new conversation approach.
Details
571 Customer conversations analysed
155 Coaching conversations analysed
34 Leaders developed
212 Team members trained
80 Infield coaching sessions conducted
Results
Due to the breadth of ‘the GRIST Program’, the results were positive and far-reaching including;
$951.5m FUM roll-in to date FY20/21 – end of May
10,566 members have taken action as a result of the new conversation approach
Reduced appointment no-shows and cancellations: no-show rate reduces from 16.67% to nil
Increased NPS performance: highest ever result of 71.6 achieved for one department
Improved employee engagement and confidence
Increased leads generation: delivering their strongest performance for FY 20/21 with one team generating 7 leads in 16 days
A new commercial focus: Member Experience – now the focus of call listening activities
Increased access to state government forums/events
Increased member engagement at seminars
Client
Major Australian Super Fund
Channel
Phone sales
Approach
Little Big Experiment©
Duration
2 years
Purpose
Increased funds under management and consolidations
Deliverables
Frontline training
Leadership training
Coaching framework & operating rhythm
Behavioural analytics & calibrations
Theories Used
Aggregation of marginal gains
Habit formation: reminder, routine, reward (3Rs)
70-20-10 rule of people engagement
Deliberate practice