Introducing: Producer Insights

One of the most valuable assets possessed by an insurance company is its producer channel.  Whether you are an insurance carrier or large agency or MGA, brokers and agents are the lifeblood of your policy sales. You probably already know that incentive programs can influence performance. But do you know which incentives agents like best, or what kind of programs they wish you offered?

Starting this April, VUE Software will tap producers from various insurance segments for a series of interviews. Our Producer Insights blog series will help you get inside agents’ heads to understand what they love (or don’t) about doing business with you.

Stay tuned! Check back on our blog, or subscribe by email or RSS feed or follow us on Twitter.

Have a question you’d like us to ask an agent in your vertical? Comment on this post to submit your question!

Tags: insurance technology, producer relationship
Categories: Insurance Technology
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Life Insurance Industry Changes Highlight the Importance of IT

Change over time is commonplace in any industry. The insurance industry in particular finds itself subject to changes that greatly impact business as usual. Regulations, soft markets, and evolving technologies all take their toll on insurance business processes.

Historically known to have a conservative attitude towards change, life insurance companies have slowly but surely opened their doors to incorporating advanced technology into their business processes. Multiple factors are at play behind the industry’s change in attitude, but underneath the shift is a growing realization of the importance of technology in maximizing the potential of life insurance producers.

Let us take a closer look at the reasons why life insurers are looking for more advanced business technology.

• Changing product demography.  There was a time when life producers were merely focusing on life insurance products. But today, many producers and agencies are diversifying to promote financial products as well. As this trend continues, carriers need flexible systems with service- oriented architecture (SOA) that can accommodate the complexities inherent in compensation planning for diverse financial products.
• The new workforce.  Younger producers are technology-savvy and are not reluctant to switch loyalties if they are not satisfied with their work environment. Carriers need to look for the right tools that not only engage the interest of this segment but are also usable enough for long-standing producers to embrace.
• Access to information.  Producers expect online portals or systems that can provide instant access to information for use during customer follow-ups, in addition to allowing them to monitor quota targets and commission payment cycles. Carriers need to look for a system that combines all this information in one place, and communicates it effectively to agents.
• Real time responsiveness.  The amount of time spent in performing each task is a huge factor in influencing agent’s motivation. The current generation of energetic workers won’t tolerate a slow moving and time consuming process. Carriers need to ensure that the systems in place not only provide instant access to information, but also speed up policy administration for the carrier.

Carriers need to engage the current generation of producers’ interest by providing them with various tools that make their work simpler, easier and more effective. Incentive compensation management technology can play an important role in maximizing the life insurance distribution channel.

VUE Software offers a suite of products that deliver capabilities that can help life insurers address these concerns. VUE Compensation Management, VUE IncentivePoint and VUE Producer Portal in combination with Microsoft Dynamics CRM deliver a powerful solution that allows carriers to boost overall producer loyalty and productivity. Register for a free product tour to learn exactly how the solution can refine your existing processes to bring substantial ROI.

Tags: life insurance, incentive compensation management, producer portal, customer relationship management
Categories: Life Insurance
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Takeaways from Microsoft’s February Blue2Blue Roundtable

As part of its Health Plan Industry partner program, Microsoft hosts a bi-monthly roundtable presentation and discussion session on areas of interest to Blues plans. For February's presentation, Microsoft invited BlueCross Blue Shield of Vermont (BCBSVT) to share how they were able to better manage marketing campaigns and lead generation after integrating VUE Compensation Management with Dynamics CRM using VUE IncentivePoint.

Lori Major, Sales and Service Representative at BCBSVT, along with Matthew Staudt, BCBSVT's CRM consultant, shared how BCBSVT synchronized information between sales, service and marketing teams to enhance customer service and launch full-scale marketing campaigns with detailed tracking. Currently, all of BCBSVT's small group representatives are managing their customer interactions with CRM, and BCBSVT predicts that into the future, all large group reps will also use the system, and it may eventually be extended to the external broker force as well.

Rama Kolli from BlueCross BlueShield of Nebraska also presented an update on BCBS Nebraska's progress as they move their intranet, InBlue, to SharePoint 2007. Their new Intranet site has a more streamlined user interface and was relatively easy to deploy due to the proven and adaptable platform of SharePoint 2007.

Vermont and Nebraska's presentations were 20 minutes each, with the remainder of the call reserved for a lively question and answer session.

The next virtual event is scheduled for Wednesday April 28th, 2010. If you represent a Blues plan and are interested in participating in Microsoft's Blue2Blue roundtable, please email info@vuesoftware.com with subject line “Blue2Blue” and we will put you in touch with the appropriate party.

Tags: customer relationship management, sales performance management
Categories: Customer Relationship Management
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