Company: HUB International, Westmont, IL
Company Description: The Business Development Team’s main objective is to drive organic growth for HUB by creating leads and setting appointments for top HUB producers across North America. We strive to prepare all of our team members to take on additional responsibilities as they advance their careers within the organization.
Nomination Category: Sales Awards Achievement Categories
Nomination Sub Category: Sales Growth Achievement of the Year
Nomination Title: HUB International Business Development Team (BDT)
Tell the story about how your organization has improved its sales growth since the beginning of July 2013 (up to 650 words). Begin the essay with the percentage growth in revenue and/or units during that period, over the prior year. Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
The HUB International Business Development Team (BDT) was created for the purpose of driving organic growth for HUB International, the 9th largest insurance brokerage in the world. HUB BDT’s other goal is to train and mentor individuals to grow their careers and join the ever expanding sales force of the organization. The BDT has had two main primary objectives:
1. Develop future talent to replace an aging sales force
2. Drive organic growth in a saturated industry
HUB BDT has been successful at achieving its objective, while maintaining a fun and educational culture for its employees.
Since its inception in 2010, HUB BDT has generated over $7.1 million in new revenue. The team has been successful in generating escalating revenue with each passing year and has produced $3.9 million since July 2013. The percentage growth of revenue for 2014 is 28% and still growing. HUB BDT has been exceedingly successful in sales revenue and working with HUB employees in offices across the U.S. and Canada.
One of the driving forces behind the creation of the team is the alarming rate for (or lack thereof) retention within this industry. Within the first 3 years of employment in insurance sales the turnover rate ranges from 50%-80% (depending on the source). With industry-wide high turnover plus anticipated reduction of half the sales force via retirement, the Business Development Team helps bridge the gap by developing the next generation of producers for the organization across North America.
This exceptional program starts with the BDT partnering with regional HUB offices to support their Business Development Managers (BDMs). The partnership begins from the BDM’s initial on-boarding with their regional HUB. The BDMs are traditionally younger sales professionals who are early in their career and have an insatiable drive for knowledge and success. They are hired by the Chief Business Development Officer who oversees the BDT, in conjunction with local leadership teams across the country. On average, the BDT will host 8 BDMs per quarter.
Their on-boarding is completed in Westmont, IL (a suburb of Chicago). During their first three months they receive sales and insurance training, as well as one on one coaching with their Sales & Development Manager. They also develop a strong network of colleagues. During this process, each individual is learning more about the insurance industry and developing mentor relationships with the most tenured and successful sales professionals within their region.
Once the BDMs are done with their 3 month stay within Westmont, they return to their regional HUBs. At this time they use the training they have received from the BDT and apply it in their day to day responsibilities. They also work closely with their mentors and begin attending (and eventually leading) face to face sales meetings. The BDT is still paralleled with them until they are able to graduate the BDT program. Once a quarter, their Sales & Development Manager will go to their regional HUB to visit them and gain feedback from the regions. The BDT is committed to giving each Business Development Manager the best resources and tools to help them succeed and become Sales Executives that cannot only exceed sale metrics, but also can be trusted, industry specific advisors for their clients.
All the efforts put into training the BDMs and implementing and improving the program have definitely paid off for HUB International. In 2014 alone, campaign efforts from the BDT brought on 225 new clients across the country. This resulted in over $2.7 million dollars in new revenue for HUB International. Over the course of the year, the team created over 200 call campaigns and generated new opportunities. The BDT’s unique structure and strategy is unparalleled in the industry and we aim to grow exponentially in the near future. With its success thus far, the Business Development Team is expanding into a Producer Recruitment sector for HUB International along with improving training and development efforts for the BDMs.
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