Daystar Financial Group Inc., a managing general agency, provides marketing support, education, tools, incentives, and guidance to advisors in Canada and internationally
Daystar Financial Group Inc. is a leading Managing General Agency (MGA) serving independent insurance and investment advisors throughout Canada. They help advisors build their business through education, training, and sales and marketing support. The company has experienced unprecedented growth since its beginning, and currently serves over 1500 contracted financial advisors across Canada, with offices in Ontario, Manitoba, Saskatchewan, Alberta and BC.
Daystar’s goal for this project was to improve the capacity of back office operations and continue to exceed advisor expectations amidst the company’s rapid growth. They also wanted to ensure a seamless broker experience from the moment they joined the company up to processing their first piece of business.
During the 12-week engagement, we worked alongside Daystar’s team to achieve these goals using our proven Business Process Improvement Methodology. Stakeholders included Daystar’s President, Director of Operations and Services, managers and staff at both their Vancouver and Winnipeg offices.
Comprehensive Analysis: We completed a full assessment of Daystar’s processes in their current state, reviewing areas of opportunity and collaborating with staff to develop recommendations for improvement. We developed Key Performance Indicators (KPIs) to measure the success of the proposed changes.
Implementation: Working alongside Daystar’s team, we implemented the changes and provided coaching to their managers on how to measure the process in real time. We also installed a framework for proactive process management.
Culture Change: Daystar’s management team was provided with training and change management support to help foster a culture of continuous improvement at the organization. We gave them a comprehensive Change Management Toolkit, which allowed their teams across Canada to proactively discuss issues and plan for the future.
Our engagement with Daystar resulted in process and service improvements that translated to an ROI of 5.8 to 1. In other words, it paid for itself in just over two months. Daystar was also able to develop a competitive advantage thanks to the new advisor onboarding process, which allowed them to differentiate their services within the highly competitive MGA industry. In addition, the project produced a 52% reduction in cost per application, directly improving Daystar’s bottom line and increasing the number of resources available to acquire new business.