Callidus for Insurance

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1 White Paper Callidus for Insurance From Producer On-boarding to Pay for Performance: The Need for an Integrated Insurance Suite

2 Does your organization have multiple legacy systems? How long does it take to on-board a new producer? Can your organization s systems adapt to the constantly changing roles and hierarchies of agents and broker/dealers? Does your organization have a system that can motivate cross-selling, up-selling, and sales of comprehensive product bundles across lines of business? Overview Sales and distribution strategy continues to evolve in the insurance space. Captive agency models first gave way to more broker and general agency approaches. Now, the Internet, call centers, and other alternative selling models are expanding to match the buying habits of the consumer. These new buying habits also demand new product offerings. Such fundamental change requires insurance companies to be nimble enough to develop radically new distribution strategies at a moment s notice, and to have flexible approaches to compensation to support these new strategies. At the same time, insurance regulation is demanding ever more rigorous accounting of agent compensation, credentials, and transparency of financial information. This requires auditable and accurate payment of incentives, with the corresponding availability of vast amounts of accurate data to be used for government reporting. Another change in the insurance market is the move towards using independent agents. Today, companies have to compete for agents to sell their products, versus those of the competition. Carriers must make it easier and more efficient to attract and on-board new agents, and make them productive as quickly as possible. Through all of this, most insurance organizations continue to rely on legacy technology for compensation payments and reporting. The result is poor compensation accuracy, and very little quality data to analyze. As such, leading insurance companies are now demanding a fully state-of-the-art technology approach to agent information and compensation management. As insurance companies start to look into new technology to improve processes across the board, they are looking at the lifecycle of a producer. How does your organization integrate all the key business processes to on-board, manage and pay producers? Best-in-class organizations are looking to streamline the end-to-end process for managing producers and their performance. The result is faster time to revenue for producers, improved retention of the best producers, and fewer disputes and manual processes, together with faster time to market for new product offerings. Callidus Software has been working closely with some of the world s leading insurance companies for over a decade: Three of the top 10 leading insurance companies in the world, including the number-one global leader, use Callidus. In the past decade, we ve gained valuable insights into the challenges that these organizations face, as well as the business processes and best practices that these organizations are deploying to maximize their producer performance. 2

3 In the following diagram, Callidus Software has identified the best practice for an integrated approach to streamlining producer on-boarding, management, and pay for performance: This white paper looks at each business process in further detail, discusses some of the challenges that organizations typically face when addressing each of these areas, and examines best practices that are being deployed at leading insurance organizations to improve their producer performance and management processes. 3

4 Contents Overview... 2 Grow Producer Revenue and Mindshare... 5 On-Boarding Producers... 6 Maintaining Producer Data... 7 Producer Compensation... 8 Producer Analysis... 9 Master Data Repository Summary About Callidus Software World s Leading Companies Choose Callidus Software

5 Grow Producer Revenue and Mindshare Grow producer revenue & mindshare What are your business strategies to grow producer revenue and mindshare? Does your organization have the ability to nimbly align your producers compensation with your changing corporate goals and products? Any producer management strategy starts by ensuring alignment with goals for the business whether selling the most profitable products, aggressively growing producers, reducing churn of non-captive distributors, or pure revenue growth. As many insurance companies add more and more independent producers, it is very important to get producers to sell their products over those of their competitors. Companies are finding that by paying producers accurately and on time, and giving them insight into their compensation, they are able to accomplish this goal. Companies with internal producers are also finding these processes help them keep their top-performing producers. Companies are also looking at better ways to help producers gain more mindshare into the company business, and to get them to sell the appropriate products. With the ability to change a producer s compensation to follow corporate goals, this makes it easier for a producer to know what products are most important to the company. Key Considerations Streamline producer on-boarding to reduce time to productivity Quickly change incentive compensation plans and ensure ongoing alignment with corporate goals Ability to pay compensation accurately and on time to ensure producer satisfaction Use key performance indicators and dashboards to track producer performance, measure how strategies are performing, and take timely corrective action throughout the year Ease of doing business with a carrier is one of the strongest motivators in the insurance industry today. Carriers are undertaking numerous initiatives to ensure that the best producers will choose to do business with them. Quickly appointing a producer and getting a flow of business started is critical not only from the carrier s perspective, but also from the producer s. 1 1 TowerGroup US Insurance Producer Licensing and Onboarding: Do You Know Where Your Agents Are? Analyst Author: Karen Pauli, Research Director, Insurance, Jul 2008 Reference # V56:03I 5

6 On-Boarding Producers Expand producers with rapid on-boarding Does your organization have the ability to on-board your producers in a timely fashion? Do you have to move data from your producer database to your compensation system? Does your organization have manual processes for on-boarding a new producer? Effective producer management begins with efficient, streamlined on-boarding. Due to acquisitions and mergers, most insurance companies have multiple systems for maintaining producer information. Many insurance carriers have one system for producer demographics, one system for credentials, and one system for contracts and hierarchies. The on-boarding process for a producer mostly involves manually filling out forms. Producers mail the forms to the carrier and then wait for the carrier to manually input the data into their systems, and run the appropriate credential and background checks. This process can take weeks to finish. Even if a carrier has a way for the producer to electronically enter their data, the system that collects that data is not usually the final system of record. Since on-boarding is a new system, it then has to be integrated with all the legacy systems still in use at the carrier. Many of these systems are outdated and are not integrated together. Due to the lack of integration, many companies have manual processes between systems to keep them synchronized. If a company does have some automation between systems, this is usually done in a batch process. While batch processes can be efficient for moving a lot of data, they are usually run once a day. Thus, the systems are only in sync after the batch runs. Once a new producer is added in the next morning, their systems are immediately out of sync until the next batch runs. This means data being used for calculations, inquiries and reports can generate inaccurate results. Insurance companies are looking into new systems that allow more self-service for the producer. These systems need the ability to force the producer to fill in all required fields, automatically check the producer s credentials, and automatically run background checks. They notify the carrier when the on-boarding has been completed and the producer can start selling. Carriers want the on-boarding process reduced from weeks to days, and if at all possible, to just hours. Once they have a fully automated system, the longest part of on-boarding should be the background checks. Key Considerations Producer self-service for on-boarding Data validation and required fields Integrated systems between on-boarding and credential verification 6

7 Maintaining Producer Data Manage demographics, contracts, credentials, continuing education Do you have the ability to easily change your hierarchies? Do you have the ability to see how many active producers you have? Can you add new products? Once a producer has been on-boarded, over time, data about that producer will change. Therefore, carriers need the ability to easily change information about a producer in a fast, efficient manner, while being able to track those changes based on regulatory requirements. With changing times and requirements, companies need the ability to add new products, change contracts, or update hierarchies. However, they are finding that their legacy systems do not support the changes, or that it will take weeks or months to get the changes into the system. New regulatory requirements require carriers to be able to audit all changes made to a producer s data. Carriers are also required to keep seven years of data about a producer. Therefore, they need to see what the producer s information was at any given point in time. In addition, carriers want to start allowing agencies and agents to update their own personal data. However, there needs to be workflow associated with any self-service offering. For example, if agents are allowed to change home address information, this could affect their licensing. Therefore, the system needs to include a check against new addresses and current licenses. Also, the carrier needs the ability to review and approve changes that come into the system from the field. Key Considerations Easily modify any producer data demographics, credentials, hierarchies Continued access to all changes to the system, ease of auditing any changes Ability to make date-effective data changes, and to store a history of all changes Self-service updates with workflow 7

8 Producer Compensation Incent & report for loyalty & growth Does your organization have the ability to pay your producers accurately and on time? Does your producer administration system automatically integrate with your compensation system? Do your producers have the ability to see their compensation statements online? Can your producers log their disputes electronically? Once companies have successfully on-boarded new producers, they need to get them to sell their products over those of their competitors, as well as align their selling with corporate goals. As companies consider a compensation system, they look for one that can adapt to the rapidly changing times. They need compensation plans that can change quickly and easily, while keeping the history of compensation plans over time. This allows companies to update plans for the future at any time, while paying a producer for policies sold in a previous period. Companies are also looking for a system that allows them to generate compensation reports as they choose. We have seen a lot of customers running compensation reports on a daily basis while paying their producers on a monthly basis. This allows the producers to see their commission rates, even before they are paid. Companies have found that having the ability to allow their producers to see their compensation reports online not only allows them to have immediate insight into their compensation, but increases their loyalty to the company that pays them on time and accurately. 8

9 In a recent example, a P&C insurance carrier had difficulty growing the business, and had to pay agents well above market rates to sell its products due to lack of trust in the sales performance process. Once the carrier was able to pay accurately and on time, it was able to lower commission rates and bonuses below market rates. The carrier also became the preferred P&C insurer vendor for the three top regional agencies. One last feature that companies look for is the ability for a producer to electronically submit compensation disputes. This allows the company to track and audit all disputes. Also, the system can automatically determine if the dispute is valid by checking to see if the producer was paid correctly. With the ability to do some validation and automated checking, companies are able to lower the number of disputes that actually need human intervention. Key Considerations Instill confidence in the distributor through a high level of operational excellence Provide deep knowledge and insight into producer/channel sales behavior Enable alignment of incentives with corporate goals through speedy and flexible plan implementation Tightly integrate with producer administration Producer Analysis Analyze sales mindshare & incentive effectiveness Does your current system allow you to analyze your business by answering these questions? 1. Who are your top-performing producers? 2. What products are selling the most? 3. Are your incentives as effective as they should be? 4. Which agents have not been selling your products? In working with leading insurance organizations, we have found that many of them cannot accurately tell us how many active producers they have in their systems. It is difficult for them to get a report or to query the data to get this information. This can cost them time and money. If the carrier is still appointing a person who is no longer selling or is not active, they are essentially throwing money away. When organizations have disparate systems for managing compensation, producer demographics, credentials, etc., it is very hard for them to analyze the data to gain insight into how an incentive scheme, agency or producer is performing. Often organizations spend a substantial amount of time reconciling data from multiple systems and integrating it in spreadsheets, or spending time with IT to produce a customer report. This often leads to a lack of analysis, and in turn a lack of information on opportunities to improve performance. To make the best decisions on how to structure incentives and producer programs, organizations require the latest insights into performance. Organizations are increasingly deploying dashboards and KPIs to monitor key areas of performance, set goals, and measure performance against goals. However, this is only part of the solution. To ensure timely and accurate data, the data (producer, contract, demographic, incentive, and performance data) must be stored centrally and in a structure that makes it easy to generate reports. 9

10 Typically, producer and incentive management dashboards include the latest data on top-performing producers; how product mix is changing across distribution channels; incentive spend versus budget; and updates on the growth of the producers. Companies also analyze the number of new producers brought on board in a given month, and top-selling products. Key Considerations Access to centralized data to facilitate rapid reporting Dashboards on producer and incentive performance Ability to perform self-service analysis of data, without requiring IT, in these categories: by individual producers by products by ranking top-selling producers Master Data Repository SINGLE REPOSITORY & MASTER DATA OF PRODUCERS & PERFORMANCE Do you have a single repository for producer demographics, credentials, contracts, and compensation? Companies are trying to move towards real-time synchronization between systems. In many cases, they are trying to move from batch processing between systems to web services. Web services help companies move data faster and easier between systems. However, if you can find a system that has a single repository for all of this data, there is no need to move data between systems, since the data is naturally in sync. Having a single source of truth is most important to insurance companies. This eliminates the possibility of having systems that are out of sync, and allows the company to use this single data source for reporting and analytics. By using a single data source, the company knows the data is accurate and up to date. Key Considerations Single repository Web services Single source of truth 10

11 Summary Insurance companies are looking to automate many of their systems, from on-boarding through compensation. By automating systems, they can follow regulatory guidelines for tracking changes, credentials and terminations. They can also become more efficient in the way they do business. By becoming more efficient, they can better serve producers. When a company is easier to do business with, is accurately paying its producers, and is giving them insight into their business, a producer will be more loyal to that company. About Callidus Software Callidus Software ( NASDAQ: CALD) is the leading provider of on-premise and ondemand Sales Performance Management (SPM) solutions to global companies across a broad range of industries. Our software allows innovative enterprises of all sizes to strategically manage incentive compensation, set quota targets, administer producers, and align territories, resulting in improved sales and distribution performance. Over 1.9 million salespeople, brokers, and channel representatives have their sales performance managed by Callidus Software s products. World s Leading Companies Choose Callidus Software Banking customers include 3 of the 10 largest worldwide banks High Technology customers include 6 leaders paying globally Insurance customers include 3 of the 10 largest worldwide insurance companies Life Sciences/Pharmaceutical customers include 3 of the 10 largest worldwide pharmaceutical manufacturers Telecommunications customers include 4 of the 10 largest worldwide telcos 11

12 Corporate Headquarters Callidus Software Inc. 160 West Santa Clara Street 15th Floor San Jose, CA USA Tel: (408) Fax: (408) UK and European Headquarters Callidus Software Ltd 1 Quality Court Chancery Lane London WC2A 1HR United Kingdom Tel: Fax: USA Offices Atlanta, Austin, Chicago, New York San Jose, Scottsdale International Offices London, Sydney, Toronto Callidus Software Inc. All rights reserved. Callidus Software, the Callidus Software logo, Callidus TrueAnalytics, TrueComp, TrueComp Grid, TrueComp Manager, TrueConnection, TrueFoundation, TrueInformation, TruePerformance, TruePerformance Index, TruePerformance Indicator, TrueMBO, TrueAllocation, TrueProducer, TrueQuota, TrueReferral, TrueResolution, TrueTarget and TrueService+ are trademarks, servicemarks, or registered trademarks of Callidus Software Inc. in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners. 08/08 PDF 12

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