Do your employees or consultants get paid by results?
We can work together using:
- a day rate with 0 days’ notice.
- fixed project fees.
- innovative guarantees on commercial results.
Let’s look at three examples of my guarantees:
- Analytics. Includes statistical modelling and machine learning. Almost guaranteed.
- Insurers. From zero to top 5 in 3-5 years. Big guarantees. (*)
- Reinsurers. Optimize your prices in clients’ eyes. Limited guarantees.
(*) This one requires serious two-way commitment.
How can this possibly work?
Let’s take a closer look at each area.
Insight from data, starting with the simplest Excel analyses.
I will guarantee:
- improvements in your usage of tables and pivot tables
- the quality and speed of results
- your ability to use these tools for real decisions
No analysis paralysis, just better decision making.
As an example in the individual protection domain, I can bring you so-called distributor quality management (DQM) and associated analytics; I helped build this at L&G almost 20 years ago.
We can certainly also use data science techniques, but you will be amazed at what can be achieved with traditional analyses, injected with some imagination.
Insurers: top 5
If we have a cultural fit - including having the appetite and delivery mindset - I can offer structures where you pay only if you profitably generate top 5 volumes within 3-5 years.
I believe profitable top 5 term placings can be achieved in 3-5 years, so here’s my offer:
- A 3-year term project.
- Zero salary or fees payable to Transformaction (or me).
- Agreed objective success measures.
- Payments linked to volume and/or profits.
- Appropriate break clauses.
- Oversight by third parties, to keep us all honest.
Do your employees or consultants offer this? Why not?
It's like taking an equity stake. I understand the success factors - we can jointly deliver.
Reinsurance price optimization
Perhaps I can’t work with every reinsurer on this. Work with me to offer alternative shapes and structures in tenders. Offer profit-neutral alternatives which increase your chances of winning. I can’t guarantee your success, but I’m open to “no win, no fee” arrangements.
While most reinsurers will have a core business focus, a challenge is working out how much effort to put into a start-up, or to invest in an insurer outside the top five.
Reinsurers sometimes just pass. This risks missing the next ScotProv or AIG.Manage your workload and risk: pay me only if such a client transacts with you.