Forbes recently pointed out three strong trends in the insurance market. The first talked about new and changing risks, which covers the agent's need to stay in touch with their clients. The second discussed the reality of tech assets, where insurers are now focusing on maximizing profitability and configuring systems that scale as needed. The third and final trend involved making the insurance experience more human by shifting from a policy-centric business model to a customer-centric one.
These trends show us the challenges and benefits that the insurance industry faces. Customers want - and expect - an end-to-end customized experience. This means you need to orchestrate onboarding of new agents as fast as possible, support a strong organizational process to keep those agents working productively, and bring new products and services to market quickly with individualized pricing. With these challenges, how will you make an outstanding customer and agent experience possible? Here’s how:
- Agent Management: Support and maintain the carrier/agent relationship; gain better visibility of the agent's lifecycle; understand complex agent relationships and leverage several performance identifiers; improve onboarding to speed time to sales; and automate time-consuming compliance actions while reducing data errors.
- Compliance Management: Integrate to many standards including DOIs, FINRA, NIPR, DTCC, and NMLS; provide transparency and start automatic renewals of education, appointments, and licenses; and access a complete audit trail with detailed logs.
- Manage Business: Gain full visibility into historical details; see ownership of policies, customers, and performance; and break down the relationships between clients, agents, and related contracts.
- Maintain Roles & Relationships: Accommodate hierarchies and relationships that will evolve over time; use a single record for each agent to capture relationships and roles; and access historical, current, and projected future views to manage changes.
Not every Sales Performance Management (SPM) system can provide the results that you need. Our SPM solutions deliver strong results through a range of available tools that integrate seamlessly. SAP Agent Lifecycle Management is our end-to-end agent lifecycle management program with tools including easy onboarding, relationship management, and continuous compliance. You'll also gain detailed analytics, book-of-business management, and communications that deliver a single source of data through a central hub of information. See improved compliance with full visibility into agent details and automatic renewals, while book-of-business details are handled through full contact, contract, and relationship details. Roles and relationships are handled easily with unlimited hierarchies, and complex relationships are managed over periods of time. SAP Commissions provides transparency into the process, unifying disparate compensation processes, improving efficiency, providing enhanced reports and transparency, and accelerating commission payments. This takes place in a modern, easily scaled platform with SAP at the center and throughout the landscape. In the insurance industry, there are many challenges to performance management. Why not read our paper on three strategies you can use to improve this area of your business? It's available here, for you to read at your leisure.
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