's Business Profile
On a scale of 1 to 10 (with 10 being the ‘best), how would you rate your current ENERGY levels in terms of your own mindset, focus, momentum and action?
When you started with us, did you have a personal brand, a company brand or both?
Has this changed since then and what is it now, a personal brand, a company brand or both?
Do you think your logo is legible and professional?
If you have a website, does the URL exactly match your company name?
What is the URL?
Do you have a professional email signature?
Do you have a professional email address, in other words, not a gmail email address as an example?
What is your work title (I am a Conversion Optimisation Specialist)?
Have you always used this title or is it new since joining us?
What is your purpose?
What is your Vision?
To become a recognised Independent Actuarial/Risk Consultant in Europe
What is your 1st Primary Goal?
I will acquire 3 new clients within the next 3 months by launching a social media campaign and networking with local businesses and my personal network
What is your 1st Objective for this Goal?
Call every wednesday and thursday between 11u-12u and 16u-17u a prospect
What is your 2nd Objective for this Goal?
I will ask for one referral every week from my previous employers
What is your 3rd Objective for this Goal?
I will post one short every week on an actuarial topic of interest.
What is your 2nd Primary Goal?
To improve IFRS 17 competency to expertise level within 3 months by completing IFRS 17 online training and seminars and publishing on online blogs
What is your 1st Objective for this Goal?
Complete every week 2 online training on IFRS 17/IFRS 9
What is your 2nd Objective for this Goal?
Publish every 2 weeks a post on linked-In or landing page about IFRS 17
What is your 3rd Objective for this Goal?
I will participate in a 2 week seminar on IFRS 17 in October
What is your 3rd Primary Goal?
To improve competency in capital modelling to expertise level within 3 months by reading inspirational books/articles, online seminar and completing a challenging capital modelling assignment
What is your 1st Objective for this Goal?
Read 2 articles on capital modelling every week
What is your 2nd Objective for this Goal?
complete 2 capital modelling seminar from Pallisade every week
What is your 3rd Objective for this Goal?
Deliver all deliverables on capital modelling assignment due for the first 3 months
Write your Value Proposition below as per the formula in Principle 4
We help big and medium-sized insurers become successful by assisting them meet regulatory and rating agency expectations, so that they can be rated top-tier insurers, without devoting large financial and human resources.
Do you believe it is appealing? And why so?
Do you believe it is exclusive? And why so?
Do you believe it is clear and simple to understand? And why so?
Do you believe it is credible? And why so?
List all the ‘Elements of Value’ your product offers
-Quality
-Reduce cost
-Affordability
-Saves time
-Reduces risk
-Informs
-Reduces anxiety
-Simplifies
-Make money
Write one case study of something you have achieved with a customer
I was approached by a client, through my linkedIn, who wanted to react to a tender brought out by a Reinsurance company in Kenya. This client was missing the technical expertise needed to successfully deliver successful draft a technical proposal for the tender and they needed my help on this and was also interested in engaging in a partnership with my company in the event he is awarded the contract.
I then organise an introduction meeting with him. In the first place I tried to make sure this client wins my trust by demonstrating three aspects to him: Ability, integrity and benevolence.
I ran him down my CV and demonstrated examples of similar projects I worked on in the past and delivered on time and at the right quality as was agreed with my previous clients.Lastly and most important I made him understand that the interest of my clients is of utmost importance: I made myself available at anytime for any questions they have and even shared with them interest papers of relevant topics for the project.
as a result I won their trust and they ask if I want to produce content on the methodology part of the technical proposal, which I did successfully and the proposal was submitted on time and the client was very happy with what I delivered.
What features does your product have?
-Superior expertise in capital modelling and reserving in IFRS 17 and Solvency II
-Strong interpersonal communication skills
-Showing Empathy
-Excellent reporting skills
-Positive attitude
What benefits does you product offer?
functional:
-Ensures compliance to Solvency II and IFRS 17 regulations
-improve profitability
dimensional:
-Conserve client reputation, prevent loss making for client
emotional:
-Reduce anxiety and lower risk
List 3 objections you get to your product and the 3 answers to these objections
-Quality:
Continuous development of my product by engaging in lifelong learning activities that will ensure continuous improvement of my product.
-Perceived cost higher than perceived value:
I will continue adding value to my product so that the perceived value becomes far higher than the perceived cost by continuously improving my skills in consulting
Name one of your products
1) S2 ultimate solutions package 2) IFRS 17 Smart solutions package, 3) Ultimate pricing solutions package
List 3 problems you believe your prospects have, related to your solutions
-Anxiety and stress to comply with IFRS 17 reporting standards in 2023
-Anxiety and stress of getting lower rating from rating agencies
-Fear of selling onerous insurance products
List your 3 solutions to their problems above
-Provide project deliverables which meets clients expectations by having constant and open communication with the client on all relevant issues that have to be addressed in the project and having a mutual agreement on what has to be delivered for the project.
Write a detailed spec on your ideal customer (as much info as possible as per the Prospect Principle)
Name: John Smith
Age: 35-44
Higest Education: Master degree in mathematics or actuarial sciences
Country: United kingdom
County and Surburb: South East London,Haywards Heath
Industry: Insurance
Organisation size:51-200
Goals: Cost saving by working more efficiently, finance
transformation, compliance to solvency II and IFRS 17
regulations
Tools needed to do their jobs:
Word processing programs,emails,Reporting software, business
intelligence dashboards, accounting and booking systems
Job Responsibility:
Head of actuarial and/or risk departments
Their job is measured by:
Team productivity
Report to:
Directors
Goals or Objectives:
Cost savings by working more efficiently and also meeting
regulatory requirements and rating agency expectations
They gain information by:
Social media, online training, conferences, in-company
trainings
Their biggest Challenges:
Problem solving and decision making, Professional development,
Brexit
What is their true deep desire?
To be become successful by continuously complying to solvency II and IFRS 17 requirements and also meeting expectations of credit rating agencies so that they can continue to maintain their high credit rating. For the small insurers their true desire is remain profitable and also meeting all regulatory requirements.
Have you optimised your pricing according to the pricing tactics and strategies and what is your pricing for your services or products?
Our services are priced on a fee for service basis. Depending on the clients preference we go on an hourly or daily rate. Our hourly rate is at €135 and day rate at €880. We offer up to 20% discount depending on the length of the project and effort required to complete the project.
Where do you currently do paid for advertising, list all the platforms or channels e.g. facebook, local newspaper etc
At the moment I advertise in Linked-In, youtube and twitter, which is free of charge. I am still considering the option of exploring paid digital media such as google ads and facebook
How much do you typically spend on advertising per month?
At the moment 0 euros, but planning to set a budget of 25 euros a month.
Do you belong to any business network e.g. BNI, Chamber of Commerce?
Yes, E-Square Risk Finance is registered in the Dutch Chamber of Commerce,
I am a member of the Dutch Actuarial Society and also member of many Linked-In expert groups for Solvency II and IFRS 17
What metrics are you measuring monthly?
-Number of new clients
-Average declarable hours a month
-Monthly turnover in Euro’s
-Number of visitors to mylanding page
-Client retention rate
-Number of reactions to blogs I have posted
What KPIs do you have for yourself?
-Average declarable hours a month
-Monthly turnover in Euro’s
What is your Average Order Value (AOV)
60k: euros calculated by a total sales value of 119k divided by a total of 2 sales made since E-Square started in May 2020
What is your Customer Lifetime Value (Average Lifetime Order Value)
180k: based on the assumption that each of my 2 clients will stay with me for about 3 years and AOV for 2 clients is 60k.
What is your Cost of Acquisition (COA)
The COA is 1.807 calculated by total COA of 3.614 divided by 2 sales made since E-Square started in May 2020