Like many other insurers, you may have found that compensating producers involves unnecessary expenditures, time-consuming error corrections, convoluted spreadsheets and difficulties designing and communicating incentives. With our longstanding expertise in insurance distribution, we’ve been addressing these and other common challenges for more than 23 years. We recommend certain critical best practices that help you leverage compensation management technology to improve efficiencies and increase revenue.
The task of optimizing compensation management processes is significant, as it can bring numerous advantages to insurance companies. While many life, health, and P&C insurers have already begun the process of replacing legacy systems with advanced vendor solutions, there are insurers that are still behind the curve. With regulatory changes afoot – and competition from advanced competitors increasing – insurer interest in compensation management solutions remains high.
2011 is turning out to be a busy and exciting year for VUE Software. New products like VUE CRM for Insurance, VUE Benefit Summary Tool and VUE Producer Onboarding have seen great momentum in the life, health and P&C insurance segments. The company also added data entry as an optional service to clients of its VUE Wrap-Up Management platform.
VUE Software has had an incredible year thus far. It looks equally promising moving into the fourth quarter. Throughout the course of 2010, VUE Software has seen a wider acceptance of its sales performance management and compensation management technology solutions.
The 2010 ACORD LOMA Insurance Systems Forum is right round the corner, and we are excited to participate in meaningful dialogue about emerging insurance technology. As an active member at the forum, VUE Software plans to showcase its role in providing extraordinary results to agencies and carriers through cutting-edge solutions.
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.
The competition in the health insurance industry is growing tighter as the market continues to provide ample options of policies for customers to choose from. Competition will only intensify, especially once the new health insurance mandate takes effect.
Change over time is commonplace in any industry. The insurance industry in particular finds itself subject to changes that greatly impact business as usual. Regulations, soft markets, and evolving technologies all take their toll on insurance business processes.
There is an ever-increasing demand for innovative business models in today’s competitive insurance marketplace. More insurers are beginning to see the value in leveraging their distribution partners and expanding their offerings. With each additional product offering, operations become more complex.
With the slowly recovering economy and impending healthcare reform, many insurers are taking a closer look at the way they do business. More insurers are embracing technology as a means to differentiate themselves at a leader in a crowded and competitive marketplace.