Supercharging Sales Leadership With an Advanced Business Simulator
How do you provide experienced sales leaders with a challenging assessment of their development?
That was the task for LIMRA, a world-leading research and learning and development organization for the life insurance and financial services sectors. They provide training solutions to over 850 financial services firms who make up their global membership community.
One of LIMRA’s most respected development programs is the Chartered Insurance Agency Manager (CIAM) designation. This certification is aimed at developing sales leaders running agencies that specialize in the sale of life insurance and financial services products. This internationally-recognized designation program culminates in a face-to-face certificated course, led by LIMRA’s experienced global facilitators.
LIMRA wanted an innovative solution that would sit at the heart of this final course. They approached LEO Learning following the creation of a multi-award-winning solution for LIMRA’s sister organization, LOMA. They knew we could help them deliver the solution they needed in style.
The Challenge
LIMRA found that many sales leaders don’t recognize or understand the drivers that impact profitability within their agency and how their decisions in key areas, such as recruitment, impact on the bottom line.
So to achieve the CIAM designation, LIMRA wanted participants to be able to demonstrate they were now equipped to run a profitable sales agency.
The challenge was how to do this in a realistic, immersive way during the face-to-face program.
The practitioners at LEO Learning are true experts in their field. They bring innovative ideas to every project. If you want the ‘Wow factor’, use LEO.
– Jacqueline Lucas, Director, Product Architecture at LIMRA
The Solution
Using LIMRA’s extensive database of insights and research, we developed a sophisticated financial model that powers a sales agency simulator called the ‘Profit Engine’.
Working alongside LIMRA’s subject matter experts, we defined the four factors that sales leaders have the responsibility to control and influence: recruitment, training, business management, and sales metrics. The Profit Engine is based around the decisions that sales leaders make in these four key areas.
The simulator is wrapped within a realistic scenario-led learning experience. Attendees at the workshop are tasked with managing the profitability of a fictional sales agency over a period of three years. Based on the information they receive, as well as detailed data in the Profit Engine, they have to decide on what actions they will take. These choices are then inputted into the Profit Engine and learners see the full consequences of their decisions.
Said Jacqueline Lucas, LIMRA’s Director of Product Architecture: “It was a very close, collaborative relationship. The LEO Learning team was brilliant. Their understanding of the subject matter and what the Profit Engine needed to achieve was fantastic.”
Blending digital and face-to-face training
Complex simulator reflects real-life decisions and consequences
Scenario-based learning enhances immersion and collaboration
Results
The Profit Engine is currently being rolled out across LIMRA’s International markets.
"The main response is ‘Wow! Just wow!’ LIMRA has never done anything like this and the level of detail and realism that’s been achieved has blown everyone away."
– Jacqueline Lucas, Director, Product Architecture at LIMRA
