Scalable Architecture: Essential for Enterprise Efficiency
Though cost cutting and operational efficiency are top priorities for insurers, these companies should embrace strategies for business growth as well. Organizations need to position themselves to expand their product reach and improve business growth through widespread distribution channels. But expansion brings increased expenses and high volumes of transactions that insurers may not have dealt with in the past.
As companies grow in size, they usually experience operational and administrative complexities. These challenges could include adding more agents to a network, the consolidation of multiple compensation systems, regulatory changes or changing territories.
Implementing enterprise-wide compensation management technology is a forward-moving initiative that may smooth out complexities, eliminate unwanted expenses and accommodate increasing workloads.
A scalable compensation management system is a must for growth-oriented insurers. Solutions that utilize service oriented architecture (SOA), web services and other advanced technologies allow large organizations with high volume demands to meet their increasing workload. Deploying these web based and scalable systems helps in easing the operational complexity and keeping pace with expansion.
“It was essential for us to select a solution that would meet our current needs and be flexible enough to adapt to our evolving requirements as well. The VUE Software suite offered solutions that seemed tailor-made to fit our business model.”
– Phillip J. Hildebrand, President and CEO, Insphere Insurance Solutions