Accelerating Sales by 30% with Hiring for a Fortune 500 Insurer
Key Results
30%
increase in sales
$6m
increase in premium levels
56%
higher re-enrollment
Location
US
Industry
Insurance
Employees
10,000+
Challenges and Goals
Challenges and Goals
A Fortune 500 insurance company faced significant challenges in optimizing its hiring process for key sales and customer success roles. The company had been using the same pre-hire assessment tool for over 30 years, with no updates in over 5 years. The outdated tool failed to predict job success accurately, and the assessment process was inefficient, providing too little information too late.
The insurer was looking for a new assessment solution to address this inefficiency and lack of accuracy alongside three other key hiring challenges.
Ineffective and inefficient hiring
The insurer needed an assessment with high validity that could accurately identify high-potential candidates early in the hiring process to allow its recruiters and hiring managers to focus on top talent. The insurer’s previous assessments were conducted at the end, causing delays and inefficiencies.
Unreliable referrals
The insurer’s heavy reliance on referred candidates often led to misfits, consuming recruiters’ valuable time and resources. The insurer needed a more efficient and predictive way to manage referrals to free up its recruitment team’s time to focus on top candidates.
New diversity initiatives
The insurer had diversity initiatives in place that their hiring teams needed to execute. Its hiring solution needed to help promote equity, particularly for roles that were typically male or female-dominated.
Support for college recruiting
College recruiting was a rich talent pool for potential interns and new entry-level hires, but the insurers’ recruiters needed support in selecting the best candidates in such large pools of talent.
The Solution
To revamp its hiring process, the insurer integrated Cangrade’s AI-driven Pre-Hire Assessments into Workday for its Sales and Client Manager roles.
Effective and efficient hiring
Cangrade collaborated closely with senior executives and field leadership to develop custom success models to power Cangrade’s Pre-Hire Assessment for each role. By implementing AI-driven Pre-Hire Assessments early in the hiring process, Cangrade enabled recruiters to focus on top candidates who were more likely to succeed. This approach aligned with the insurer’s goal to follow the 80/20 rule in hiring, prioritizing high-potential candidates from the start.
Reliable Referrals
Testing every candidate with Cangrade’s Pre-Hire Assessment early in the hiring process eliminated time wasted on low-potential referrals and misfit hires as well as increased fairness in the insurer’s hiring process.
Diversity initiative progress
Cangrade’s patented bias-free technology ensured the insurer’s candidate evaluation was equitable, supporting the insurer’s diversity initiatives and fostering a fair hiring process for all roles.
Streamlined College Recruiting
Cangrade improved the efficiency of college recruiting by allowing immediate candidate screening on campus, streamlining the process significantly.
Results
The positive feedback from more than a dozen hiring leaders and the insurer’s own HR evaluations of competing solutions confirmed Cangrade as a superior hiring assessment solution, as have the results. In the past three years, the insurer increased sales by over 30% with Cangrade.
In the past year, the insurer has seen these results.
Sales Managers:
- 117% higher total premium levels, worth over $6 million
- 119% higher group premium levels, worth over $5 million
Client Managers:
- 59% higher premium levels, worth $2 million
- 56% higher re-enrollment premium levels
In addition to transforming its hiring process, the insurer optimized its post-hire processes with Cangrade. Leveraging Cangrade’s development reports the insurer personalized its onboarding and optimized its career pathing and development with Cangrade’s multi-way scoring.
“Cangrade’s sales team, data scientists, and customer success team all worked together with us to understand our needs and present flexible solutions. Their strong resources allow them to be nimble with solutions that are effective.” – Program Director
Summary
The collaboration between Cangrade and the Fortune 500 insurer not only solved its immediate hiring inefficiencies but also drove significant improvements in sales performance and diversity initiatives. The use of Cangrade’s AI-driven Pre-Hire Assessments allowed the insurer to streamline its hiring process, focus on high-potential candidates, and make data-driven decisions, resulting in a substantial increase in sales and better alignment with its strategic goals.