Author: Mirza Baig
Insurance carriers are always trying to reduce costs and streamline their business processes, from on-boarding producers through compensation and ongoing compliance. However, they usually have silos of legacy business applications with multiple databases that increase operating costs.
Complying with the insurance regulatory guidelines for tracking changes, credentials and terminations is crucial, but producer relationships must not be overlooked. After all, they are the sales engine for the carriers. Carriers must therefore empower their producers (agents/brokers) with modern tools that offer industry-specific functionality with an appealing agent experience.
Before expecting any loyalty and increased sales from the agents, carriers should serve them well. They should ensure there is an easy and rapid on-boarding process, provide agent self-service, pay them accurately, and give them insight into their business.
SAP Agent Performance Management
SAP Agent Performance Management is cloud-based software that is specific to the insurance industry. It is part of SAP Successfactors. It’s an ideal solution for insurance companies to manage producers and their incentive compensation efficiently.
The solution simplifies managing your internal and external producers, policies and their customers. It supports unlimited rules driven hierarchies, compliance tracking and verification, bonus and advance management, a book of business, and many other industry specific functionality.
Let’s look at only 2 of the many aspects of this solution:
- Producer onboarding process
- Producer Portal
SAP Agent Performance Management - Onboarding
The onboarding process, based on a workflow application, provides a fully automated way to bring producers into Agent Performance Management software. It eliminates the old ways of filling out printed forms and mailing them to the carrier, who then again enters the form data into their system manually.
Even if the carrier offers online forms, those are usually front-end web forms that are collecting/storing the data that has to be integrated to their legacy systems. This may be done via batch processing (updates done usually once a day), causing delays and potentially inaccurate calculations and reports.
Onboarding functionality automatically checks the producer’s credentials and runs background checks once a producer completes the system hosted form. Flexible workflow engine enables various custom requirements such as approvals at different stages of the onboarding process. They can notify the carrier when the on-boarding has been completed so the producer can start selling.
SAP Agent Performance Management - Producer Portal
SAP Agent Performance Management offers a producer portal that provides secure access to commission statements, reports, dashboards, payment and performance history. Once a producer has been onboarded, they can get access to the Producer Portal.
This portal provides specific views on key producer information based on the same hierarchies used to pay compensation. This ensures that the upstream producers in the hierarchy can see down the hierarchy, while those in downstream positions are limited to view their own information.
Giving such online access available at their fingertips improves producer experience and reduces call center load.
SAP Agent Performance Management can significantly reduce overhead of maintaining disparate systems and manual processes. Designed to meet the unique needs of the insurance industry, this cloud based modern business application empowers producers with swift onboarding and ongoing self-service features using a producer portal.
Insurance companies should re-imagine how they serve their producers. They should move away from old tedious processes and provide producers with an amazing experience to drive growth.
Learn more about the author, Mirza Baig.