Liberty has long recognised the crucial role its Broker Consultants (BCs) play in driving product sales and providing valuable support to its key distribution partner, the Standard Bank Financial Consulting (SBFC) division. However, with evolving market dynamics, Liberty saw an opportunity to enhance the BC operating model to unlock its potential further. Some areas for improvement had been identified, including operational refinements, increasing certain product sales and ensuring greater alignment on the BC role across the organisation. Liberty’s leadership sought to optimise the BC model and fully realise its value to both Liberty and SBFC, turning to Step for expert guidance.
CLIENT
PROJECT TYPE
DURATION
Phase 1: 5 weeks
Phase 2: 3 weeks
INDUSTRY
Financial Services
Step conducted a thorough diagnostic process across two key phases:
In Phase 1, a qualitative analysis was performed through in-depth interviews with stakeholders from Liberty and SBFC to identify the underlying causes of the challenges within the BC operating model. From the interview feedback, Step examined key aspects of the BC model, including processes, systems, people and the approach to certain product sales. In addition, Step facilitated collaborative workshops with Liberty’s leadership, guiding the team in developing recommendations for each identified area of improvement.
In Phase 2, a quantitative analysis validated the findings and recommendations from Phase 1. Step examined Liberty’s sales production data to assess BC’s contributions to product sales and identify regional performance trends. The analysis also highlighted the attributes of high-performing BCs, such as key demographics and broker panel sizes, to define a success profile. This quantitative approach provided evidence to substantiate the BC model’s impact and the value it delivers to the Liberty-SBFC distribution channel.
Step’s analysis provided Liberty with a deeper understanding of the evolving role of BCs and their impact on business performance.
Through qualitative and quantitative analysis, Step identified three key areas for improvement:
- Enhancing incentive structures to drive a balanced product mix.
- Clarifying roles and processes to improve new business turnaround times and allow BCs to focus on strategic broker engagement.
- Exploring tailored support models to ensure optimal BC coverage and high-touch broker engagement across all regions.
With these insights, Step helped Liberty refine its BC strategy by identifying ways to enhance efficiency, improve sales alignment, and strengthen broker engagement. The analysis led to key shifts in Liberty’s approach, including enhanced role clarity and strategic alignment, optimised operating models, and prioritised certain product sales. By leveraging data-driven insights, Liberty identified opportunities to enhance engagement and drive sustainable growth.
As a result, Liberty is well-positioned to evolve its BC model, strengthen its SBFC partnership and enhance the broker and client experience.
