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Maximize Your Agents Potential

Insurance carriers find themselves in a catch-22 situation. In a survey by Tillinghast-Towers Perrin, insurance CEOs cited distribution effectiveness and productivity as one of the key strategic challenges facing the industry. They also said that technology is the 'weapon of choice' to tackle distribution challenges. But, and here's the catch, the CEOs felt limitations of technology is the number-one obstacle in meeting strategic challenges.

As products get increasingly commoditized, the distribution landscape is where carriers can create and sustain a competitive edge. Newer intermediaries like banks, wirehouses, retail outlet, financial planners and attorneys, with unique hierarchies and compensation requirements are competing with tied and independent agent's. Legacy IT infrastructures and architectures lack the flexibility to quickly incorporate and efficiently support these emerging channels.

	Existing systems have limited functionality in managing producer movements and the complex compensation issues arising out of these movements. Over-payments and under-payments of commissions are not uncommon in the industry. One directly affects the bottom line, the other leads to dissatisfaction among producers.
To drive productivity and build loyalty among distribution partners, carriers have to find ways to reward performers. They could do that through quicker processing and better management of commissions; through incentives and benefits; through preferential services; through sharing of hierarchy-wise performance and compensation data with partners, etc. To enable these programs, carriers must be able to evaluate performance of producers and partners across products, location and time.

On legacy systems neither of these is possible, at least not without large operational and processing overheads.

So how do carriers optimize systems to have complete control and on-time information on the performance of agent's, producers and channels?

This white paper seeks to identify the key business needs of distribution channels and attempts at carving out the key solution to address these needs.

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The testimony that we received from other Elixir customers and now our own experience, all point to the fact that Mastek is flexible, amenable, approachable and delivers on time. Ian Maude, IT Director, HSA

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