The insurance market has complex needs in incentive compensation, channel performance management, vetting and onboarding new employees, and ensuring compliance with governmental regulations. Many of these complexities require a uniquely flexible and scalable platform.
Many companies are still using old home-grown systems, or are embedding their compensation capabilities in policy administration systems.
These solutions are expensive, and they often create contentious relationships with distribution channels and brokers. They also lack the maneuverability and integration that modern business demands. They involve too many people and make people go through too many steps to accomplish simple tasks, making them unfriendly. Worse, they carry unacceptable error rates, sometimes as high as 8%, resulting in a loss of up to $80,000 for every $1 million in commissions paid.
Insurance companies also must be able to extend their systems to employ candidates so they can integrate with the systems. And automated solutions must be able to easily integrate with the appropriate agencies and run background checks and compliance checks on candidates for employment, too.
CallidusCloud Insurance Solutions
Insurance companies need a robust tool set that enables them to pursue any distribution channel, and any compensation and bonus plan. CallidusCloud meets these needs with a unique set of solutions:
- Incentive Compensation: Automate your incentive compensation processes to ensure accuracy, speed, efficiency and agent satisfaction. Learn more about ICM
- Process Workflow: CallidusCloud offers a web-based SaaS tool for managing business processes. By enabling transparency and enforcing consistent processes, you’ll facilitate engagement with agents, clients and candidates. Learn more about WorkFlow
- Collaboration and Enablement: Share assets among agents and other agencies with a leading sales enablement platform. Learn more about Enablement
- New Hire Productivity: Make sure your new agents have their proper certifications and can become productive quickly with an on-demand solution: Learn more about Onboarding
- Big Data Analytics : Get a complete picture of your business including billing history, policy administration, producer information, claims data and customer interactions with visual reports. Learn more about Big Sales Data