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 and flexibility of their software platform. They also want to introduce process automation to enhance their level of operational efficiency while reducing their overhead expenses. Of course, their goal is to be able to show a quantifiable return on investment within a 3 to 5 year timeline.
These are key operational drivers that almost all insurance companies are seeking to achieve. The main reason insurance companies implement VUE Software’s distribution suites and/or modules is to increase organizational revenue and production. In order to achieve this, organizations need to provide the tools and self service capabilities to their distribution channel partners that will enable them to write more business, simplify the transaction, and provide an enjoyable experience for the producer. This will ultimately result in improving the producer satisfaction rating of your organization and producers will continue to write more business with your organization, assuming your ratings and products are competitive.