Strike a Path

Charting a new service model to best support financial advisers

  • finance
  • service

For an industry with a noble purpose, life insurance is a tough gig. Volatility in global financial markets and increased rivalry brought by challenger companies is driving a fiercely competitive environment in the Australian insurance sector. After losing a piece of the pie in market share, OnePath Life (OPL), a division of ANZ Wealth, was committed to regaining their competitive advantage, identifying open market advisors as the key. Enter Craig Walker, who having already worked with ANZ, sought to transform and relaunch the OPL service model to propel it back to the top.

The challenge was to formulate the actual problem that need to be solved, which turns out, had nothing to do with the quality of the product but the other side of the coin. Immersing into conversations with 21 advisor practices, lightening talks with 12 administrators, 30 testing sessions and a global scan, Craig Walker pulled the pieces together to gain a 360-degree perspective. Realigning the cogs of the business, they designed an end-to-end service model to strengthen partnerships with OnePath Life.

OPL had to differentiate their service model to reconnect with the people who interact with them every day, the financial advisors. Craig Walker designed the model around a three-phase framework to free up advisor capacity, build business and change the game. The preemptive preference based model would guide OPL towards how they needed to operate in the future. They needed to be the path of least resistance and a true empathetic partner to the frontline.

The adviser always knows what OPL knows.

OPL prompts the adviser around actions they need to take.

OPL always enables the adviser to be involved and promoted.

OPL creates contact points and platforms.

The transformative OnePath Life strategy narrative and service model were seeded out to the quarterly Advisor Boards across Australia to engage in an open discussion about the redesigned approach, how it could build stronger relationships and support new business.

Where OnePath are heading

OnePath-map illustration 30 lightning talks with internal business teams Quintuple tiered body of research from internal insights, national market scan, and global trends. Developed profiles for 18 adviser practices 9 prioritised initiatives Strategic roadmap A new service model 14 shadowing sessions
  • 130 lightning talks with internal business teams
  • 214 shadowing sessions
  • 3Developed profiles for 18 adviser practices
  • 4Strategic road map
  • 59 prioritised initiatives
  • 6A new service model
  • 7Quintuple tiered body of research from internal insights, national market scan, and global trends