Winning Sales Performance Management for Insurance Organizations: One Size Does Not Fit All

Executive Summary

Sales organizations across numerous industries are adopting sales performance management (SPM) technology to drive sales behavior. Insurance organizations with captive models can benefit greatly from SPM because they make substantial investments in the sales channel and need effective ways to recruit, motivate and retain their producers for maximum returns.

SPM technology that is designed for insurance puts management in control by removing all technology barriers while catering to the insurance model. Insurers gain the agility to pay on multiple factors, quickly introduce new products and new compensation structures and communicate effectively with the channel. Accurate, efficient processes that include ad hoc reporting and easy data access for analytics are part of the package.

However, insurers must carefully evaluate a prospective SPM system to avoid the one-size-fits-all trap. Many SPM systems are not industry-specific, and insurance versions of more generic solutions are also offered. These systems fail to take into account the intricacies of the insurance business model and thus complicate rather than streamline the highly complex insurance sales cycle. In the absence of technology that truly mirrors their business model, insurers are usually forced to adapt their processes to the technology. Carriers, MGAs and large brokerages frequently experience frustration, disappointment and confusion in their attempts to establish efficient processes using such systems.

Fortunately, today’s insurers now have the opportunity to benefit from a unique SPM solution designed specifically for the insurance industry: VUE Compensation Management™ from VUE Software^®. VUE Compensation Management boosts revenue, lowers costs and supplies the predictability, confidence and control that insurance organizations require to gain competitive advantage in a challenging marketplace.

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