Posted by
Stephen Bruno
on
7/22/2009 at 7:05 AM
With challenges such as difficulty in recruiting qualified representatives, retaining agent mindshare and aggressive competition for talent in the insurance market, insurance organizations of all types must turn their attention to establishing better processes and controls on the management of their sales channel.
A successful Sales Performance Management (SPM) solution provides insurance organizations the sophisticated tools that manage incentives, territories, and quotas to influence the performance of the sales force. Along with flexible commission plans, agent licensing data and performance data to drive sales channel behavior, effective communication between the channels plays a key role to maximize sales performance.
Historically, communication among producers is incomplete at best. Many organizations rely on highly inefficient means of providing time-critical marketing materials, incentive plan changes and bonus information. But with SPM, organizations can instantly synchronize information between sales and marketing teams, which greatly enhances their follow-up time with customers.
Communication of product rollouts, new commission plans, bonuses, educational opportunities and more can be shared with producers in real-time for improved visibility of the systems in place across the entire organization. This technology not only ensures that new incentive plans and bonus programs go into effect quickly but also improves retention rates.
SPM allows frequent and effective communication with agents, as well as two-way feedback. With round-the-clock insight into each step of the sales process and for agents a view into how their performance will affect their pay; producers are empowered to take control of their paychecks and are driven to perform in order to succeed.
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