How Mandatum manages customer relationships and sales with data

Mandatum wants to manage sales and customer relationships accurately based on data. Lasse Alvesalo manages Mandatum’s corporate sales and private wealth management. Alvesalo admits that the area of responsibility is wide, and that it is, therefore, essential for him that the available data are up to date. According to Alvesalo, management in the field should be based on research-based real-time data.  

  

Staff and customer satisfaction go hand in hand

According to Alvesalo, staff and customer satisfaction are strongly correlated. He emphasises that people who are satisfied with their work are also willing and able to help customers with their many kinds of needs.

– With Innolink, we have done a lot of work on improving the quality of customer encounters, among other things. When we started working with Innolink, maybe half of the people met by Mandatum experts felt that the meeting brought them significant added value. Now, the figure has been raised to more than 85% through having the right data and the measures derived from it. This is one of the biggest and most concrete things that we have been able to develop based on the research-based data, Alvesalo emphasises.

The cooperation with Innolink started years ago, when a colleague gave Alvesalo a strong recommendation about Innolink.

– The satisfaction of our customers at the various meeting points is a matter of central importance to us and it is strategically monitored. With Innolink, in accordance with our goals, we have developed a lot in this regard.

Customer satisfaction monitoring provides information every day to both Mandatum’s experts and team leaders, who monitor the data from Power BI. As real-time alerts, Alvesalo receives information on the best-rated customer encounters as well as the issues to be corrected.

– Based on the information, I can give suggestions and ideas to the salespersons on how to address each case in the best way. The customer satisfaction data we collect is constantly a part of our everyday actions.

Mandatum is not satisfied with “pretty good” customer feedback. The company strives to refine customer encounters in such a way that the customer finds it especially good and valuable that a joint meeting and discussion were held.

Towards utilisation of predictive customer data

Lasse Alvesalo says that Mandatum will think about a broader, customer-related deepening of data-orientedness next.

– We are very interested in predictive information about customers through which we can help our customers with their needs as early as possible. In the future, we want to take advantage of a 360-degree view of our customers and achieve even better overall customer management. In other words, we are moving even deeper towards data-driven sales and customer management.

Pekka Vuorela of Innolink thinks that Mandatum has all the capabilities required to rise to the next level in utilising customer data.

– Mandatum has a top-class brand, and with data-driven management, it has risen from the level of ‘what’s going on?’ to knowing why things happen. When the foundation is in order and the organisation already has knowledge-driven management as part of its everyday operations, it is possible to move to proactive knowledge-based management, emphasises Vuorela.

Mandatum is the 2021 winner of Innolink’s Knowledge-Driven Leader award in the Organisation category. According to Vuorela, it is great to see that the company still has the ambition and desire to develop and move to the next level in order to serve its customers even better.

Alvesalo says that, during the years of cooperation, Innolink has done an excellent job at learning to understand Mandatum’s business and goals.  The company makes special use of Innolink’s consulting expertise and experience with similar customer relationships.

– I view our cooperation as a strategic partnership. It is naturally based on the fact that we use one common tool for data visualisation. The value we get from Innolink is especially in sparring, analysing the results and deciding on the measures to be taken based on the results. In addition, we cannot obtain comparative information from other industries ourselves – at least very easily – and, therefore, we also get a valuable perspective on that from Innolink, Alvesalo emphasises.

 

Lasse Alvesalo
Vice President
Corporate Sales & Private Wealth Management
Mandatum

Mandatum is a renowned financial group. To its customers and owners, it is more than the sum of its parts. The company is a solvent and respected financial services provider and part of the Nordic insurance group Sampo. Mandatum’s mission is to create added value for customers, personnel and society, and to grow shareholder value for Sampo Group. Mandatum combines special expertise in money and life and offers customers a wide array of services covering asset and wealth management, savings and investment, compensation and rewards, pension plans and personal risk insurance.