Industries - Insurance

PerformInsight Potential Scorecard – Insurance
	High	Medium	Low
Sales force
Customer service
Service delivery	NA
Back office operations
Compliance/Standards maintenance
Supply chain	NA
Distributors

Rationale: Insurors face a barrage of disparate performance imperatives. On the one hand, they must constantly manage MG&A costs. On the other hand, they must offer the levels of service that members expect from their interactions with benchmark companies in other industries. In addition, highly fragmented distribution channels - including independent agents, brokers, captive sales forces, affinity relationships and others - create a constant performance challenge that insurors must manage using age-old strategies such as variable commissions and awards. PerformInsight’s flexible, function-specific solutions provide a new way to align performance across then entire insurance service chain to achieve both cost and revenue objectives.

Example Performance Program Focuses – High Potential Opportunities:

Sales force

• Ensuring that captive sales forces understand the portfolio of products and services and their most appropriate applications for buyers
• Communicating sales processes for each type of customer
• Tracking whether sales people are accurately following proscribed processes
• Reducing the focus on sale commissions and emphasizing customer service, sales efficiency, task organization and other skills that collectively create stronger sales results

• Creating and communicating consistent behavior programs for claims adjusters, contact center and other captive or contracted customer-facing personnel
• Maintaining a high level of compliance with positive customer experience processes during encounters
• Ensuring that customer service personnel recognize and take advantage of opportunities to up-sell products and services
• Identifying “fit” of employees with opportunities for career progression

• Improving accuracy, speed and hand-off practices across all back office functions
• Rapidly implementing changes in processes
• Aligning back office operations with external benchmarking, Six Sigma and other performance criteria

• Communicating compliance requirements
• Testing employees’ understanding of requirements and verifying knowledge through electronically signed quizzes
• Tracking compliance based on performance observations

• Creating performance programs for agents and brokers that align them with company expectations and increase loyalty through points programs
• Communicating new products and services
• Tracking compliance with sale process, product promotion, customer qualification and other sales criteria
• Rewarding distributors for follow-up sales, member claims histories and other insurance company success criteria
• Managing performance and sales programs from the same solutions platform