I am often asked what the drivers are behind a prospective insurance company’s interest in our distribution management solutions for carriers and distributors. In my experience, the primary drivers are mainly centered around operations and performance improvement. Operationally speaking, due to the increasing complexity of distribution strategies, insurance companies are seeking to increase the capability... Read more »by Eric BustosSeptember 10th, 2015
By John Sarich (@SarichJohn) Vice President of Strategy, VUE Software Here's a response featured in 'LifeHealthPro Incubator Blog' that I gave to a question posed by Sean McCormick, a sales consultant with Unum. Meeting the Challenge Technology already is rapidly changing the way that brokers and advisors work on winning new business, retaining clients, and delivering innovative products and services to the... Read more »by John SarichAugust 5th, 2015
By Nidhi Saxena, Project Manager, VUE Software For the last half decade or longer, the smaller senior care providers have been plagued with limited revenue, CMS monitoring rules, MARx automation, and a patchwork of manual and weak automation solutions as the political fate of Medicare Advantage hung in the balance. Predictions of increased participation, a... Read more »by Nidhi SaxenaJuly 29th, 2015
With the long history of insurance companies paying compensation to agents, one would think the commission process would work like a well-oiled machine. But the challenges in compensation are becoming more evident as the insurance industry transforms itself into the one-stop financial supermarket for all types of insurance.
In our last blog we discussed the reality of insurance companies lining up to be in the “Google Exchange.” And we noted that when insurance companies enter into an “exchange,” they pretty much relegate themselves to competing on price and price alone. When you compete on price alone, all your differentiation goes out the window and you are now in the selling white paint business. And, for an agent, selling white paint is a losing proposition.
I had an opportunity to attend the annual e-Reg conference in Kansas City, Missouri this past April. When I got back and debriefed my team members on what I learned, I realized that two main themes mentioned were HUGE, but were not emphasized so that everyone could feel the ramifications.
Not every insurance technology implementation succeeds from a revenue generation and business process optimization standpoint. There are a few insurers out there who are still using systems that limit their business growth potential.
The evolution to Distribution Management Systems (DMS) that are focused on producer relationships has been a slow steady progression (over the last decade) away from homegrown applications that were focused on administration. This change was inevitable, however, it may hard to put into perspective.