ORLANDO, Fla. -
Called Insight Insider, the business development program allows them to earn points for scheduling various activities throughout the year such as on-site sign-ups, Lunch & Learn seminars and new employee orientations. The points are redeemable for such things as American Express gift cheques, dinner coupons, and Universal Studios tickets.
"The HR directors love it because we help them bring a great benefit to their employees," said Lynn W. Owen III, CEO of the $415 million asset IFCU. "And we do all the work-they get all the credit."
He said participation shows that a company cares about its employees' financial health as well as their physical health (medical/dental benefits, etc.)
"When an employee comes to them with a financial question about where to go for a checking account or an auto loan, the HR director has all of our information available. Or, they can call us and we'll take care of it."
Owen said that the program, launched in May of 2005, quickly proved successful.
Prior to the launch, Insight Financial was averaging six sign-ups per month for each of its two business development executives, he said. In the first three months following its introduction, he said the team secured 59 sign-ups.
"Our business development executives have a goal of having eight to 10 sign-ups per month that they were struggling to meet before the program," Owen said. "After the program, we saw HR directors becoming more interested and involved."
From its launch last May to December 2005, business development opened 183 share savings accounts and 56 share drafts. Last year, they opened 247 savings accounts and 57 draft accounts.
"So, in a year and a half with the Insight Insider program, business development opened 430 share savings and 113 share draft accounts," Owen said. "Not included in these numbers are any new members that went into the branches to open their accounts."
And, because the program was launched in conjunction with its new eAccounts online service, Owen said he suspected that some employees joined right at their desks.
Insight Financial launched the program by mailing teaser postcards to existing HR contacts.
The first postcard simply offered: "Congratulations! You're about to become an Insider!"
Owen said it was followed with a second teaser that announced, "There are incentives for becoming an Insider!"
He said it was just enough information to pique the interest of the HR directors. A separate brochure that listed services and samples of support materials available through the CU was created to help explain how the CU could add value to their employees' lives. It also included a score card that allows HR directors to schedule and keep track of the activities they hold and their point totals. For example, 50 points are earned for allowing the CU to conduct on-site sign-ups, 10 points are earning for using the CU's payroll stuffers, he said. The monthly payroll stuffers and coordinating break room posters highlight products and services appropriate for a particular season.
"We wanted to get more involved with our business partners on a regular basis," Owen said. "And frankly, we wanted to be able to plan our year, too." He said the program was developed to helped CU officials schedule their visits more regularly and keep HR directors involved year-round without being obtrusive and calling all the time.
Owen said all of the printed materials for the Insight Insider program, including a special logo have a consistent look and feel and complement Insight Financial's brand.
Recent changes to the program include the addition of a quarterly newsletter to HR directors that features an "Insider of the Quarter," Owen said.
"This showcases a company that has really stepped up to get involved with the Insight Insider program," he said, adding that it also features a trivia question to trigger email feedback from HR directors. "The newsletter is all about building a sense of community among Insight Insiders so they can network with other HR directors who are out there trying to put together a great benefits package for their employees and who work with Insight Financial, too."
