How Insurer Saved over Half Million Dollars in just over 6 months with VUE
Many insurers, face challenges with their compensation and commission systems. With the marketplace becoming more and more competitive, increasing sales month over month is critical. The onus is on the insurer to drive the sales behaviour to focus on the right products that give maximum push to the bottom-line. It comes down to creating appropriate compensation programs that influence the sales behaviour. With a vast product portfolio and a wide geographic spread, compensation programs can quickly become very complex and time consuming to implement and manage. This creates challenges in commission pay-outs. The more producers, the more challenging it gets. Many players, of all sizes in the insurance marketplace, are struggling with analysing data and designing incentive programs, as well as escalating health costs and inflated insurance premiums. This results in errors creeping into the system if it isn’t ready for business growth.
Insurers need to properly align their software requirements with their business goals. Even if it takes a little longer, define requirements for a commission system that would benefit the company and implement technology that streamlines processes to make the business future-ready.
The objective of having a software solution in place in an organization is to increase efficiency, eliminate error-prone areas across the organization so everyone can focus on the most profitable aspect for business to grow.
Case in point, learn how BCBSVT was able to save half-million dollars in 6 months after they implemented VUE Software.