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Friday, April 22, 2011

Jefferson Pilot Corporation

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After thoughtful consideration of the various problems that plague this corporation, the main problem that stands out is their distribution channel, that is the company’s sales force. To be more specific, their career-based agents are not trained to perform at their utmost efficiency. Though this problem can be categorized as long-term, it can still have drastic effects on the firm’s present revenues.


This problem along with other problems creates a vicious circle that the company is presently entangled in. Meaning that since the new recruits are not trained to perform efficiently, they prefer to sell more disability income and annuities than life insurance because consumers can understand these policies better and the agents find them easier to explain. This problem coupled with low premiums per policy, results in an overall reduction in the annualized premium income, which according to the firm’s executives is the most immediate concern.


Strengths


Custom Essays on Jefferson Pilot Corporation


Under the auspices of Roger Soles, Jefferson Pilot Corporation has earned a reputation of selling quality insurance products since the past 5 years. Looking at some of the core competencies, Jefferson Pilot has an excellent core of field and home office people. This company has a big market share in its industry compared to its competitors. This is evident from its strong financial condition that acts as a competitive advantage.


Decision-making and management had a top down focus and a high level of control has always been exercised.


Weaknesses


In the long term, the decreasing efficiency of Jefferson Pilot’s sales force is a serious issue that demands immediate attention. Looking at Exhibit (), compared to the target group and the managerial peers, Jefferson’s career agents go for the easy sale, that is they sell less of life insurance policies and more of disability income and annuities.


A further weakness lays in Jefferson’s concentration in the southeast; where the standard of living of the people, so to speak their incomes are generally lower than in the Northeast. Many of the competitors have a strong presence in the Northeast and hence due to the level of incomes being higher there, their premiums are typically higher than Jefferson’s.


An important negative aspect of the product offerings by Jefferson Pilot is that they do not have a variety of products as compared to its competitors and also there is little or almost no effort towards New Product Development. The work force also feels that the company is not market oriented. These facts are evident from the survey taken by the consultants.


Stemming from this problem is the retention of the company’s sales force problem. In 11, recruits represented 48% of the base sales force, as compared to % and 8% of the two peer groups. Furthermore, Jefferson’s sales force kept declining where as the two peer groups remained more or less stable. Likewise, only 5% of Jefferson’s sales force had been with them for 5 years as compared to 40% and 45% of the other two peer groups. Hence they had a very high turnover rates as compared to the peer groups.


Lower productivity of Jefferson’s agents versus the peers has also been a serious issue besides the above listed. The reason for this is low production standards compared to the peers’ standards. Even the agents feel that the validation requirements, so to speak the performance standards that first year agents must meet, 6% believed them to be too low or modest.


Jefferson Pilot’s marketing costs are in line with the managerial group but are a little above the target group, which is mainly due to the company being smaller than many of the target group companies. There are certain fixed costs that they have to incur which costs them about $1.65 for every $1.00 premium income in the first year as compared to $1.45 for the target group.





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