Ancillary services strategy for broker platform

Situation:

• Market-leading broker faced volume and margin pressure from emerging digital incumbent
• Objective was to strengthen customer relationships beyond transactions through relevant add-on services, thereby enhancing loyalty and increasing revenue streams

Actions:

• Conducted in-depth analysis of the customer journey to identify clients service needs
• Identified touchpoints, pain points, and opportunities for value-added services through customer insights gathered from surveys, and interviews
• Benchmarked service offerings of competitors and identified gaps
• Developed a comprehensive service portfolio aligned with customer needs
• Defined service offerings, features, and value propositions based on market sizing and revenue potential analysis
• Evaluated potential delivery models, considering factors such as cost, time-to-market, scalability, and alignment with core competencies
• Detailed key services, highlighting unique selling propositions (USPs) for the client, and analyzed competitive landscape for differentiation opportunities
• Prioritized high-potential services for pilot implementation based on a cost-benefit analysis and risk assessment
• Outlined a phased approach for service rollout and developed a comprehensive roadmap and implementation plan

Results:

• Established a clear service strategy aligned with customer needs and market potential
• Identified and quantified high-impact services to enhance customer value and differentiate from competitors
• Determined the preferred service delivery model based on operational feasibility and strategic fit
• Provided recommendations on build, partner, or buy decisions and outlined implications for organizational structure and capabilities
• Prepared detailed plans for pilot implementation of shortlisted services, defining pilot scope, objectives, and success criteria
• Established a roadmap for long-term service portfolio expansion