Managing the Unique Demands of Insurance
The insurance market has complex needs in sales and channel performance management. Insurance companies have channel, incentive plan, and data complexities, as well as rigorous governance and compliance requirements, that require a uniquely flexible and scalable platform. Callidus SPM suite delivers the leading sales performance management suite in the insurance industry, coupled with pre-packaged insurance functionality based on over 80 successful insurance implementations with some of the world’s largest insurers.
Callidus’ market leading SPM suite addresses key requirements for driving cross-regional and channel performance, including:
- Rapidly onboarding new producers while managing risk and regulatory requirements
- Driving down the administrative costs associated with maintaining multiple producer, contract, and compensation systems
- Delivering a high degree of control over key revenue growth and customer loyalty targets across producers with targeted incentives, SPIFFs, and contests
- Centrally managing all producer communications and updates
- Effectively driving return on investment for each producer
- Improving time-to-market of new products and strategies
- Delivering bullet-proof data security and comprehensive auditability
Callidus’ SPM suite includes:
- Callidus Onboarding: Provides a flexible platform for insurers to design, deploy, and optimize workflows for critical producer onboarding processes. The solution helps accelerate producer recruiting, onboarding, and contracting, enabling companies to reduce the time to meet critical channel capacity requirements and revenue goals, and control the costs of doing business with large producer volumes. With built-in background checking and accreditation processing and tracking, the solution manages the risk of new appointments as well.
- Channel Management: Engineered for insurance carriers with large independent distribution channels, this solution enables businesses to centrally store and track the data management, licensing, contracts, and payment of selling partners.
- Incentive Compensation Management: Manages plan design and modeling, and incentive calculation and payments for internal agents and the distribution channel, and supports the agility to make strategic adjustments throughout the fiscal year.
- Communicator: Provides a comprehensive workflow platform for managing communications between the back office and producers. This includes rolling out compensation plans and contracts, and special incentives and contests. The platform also manages inbound disputes, inquires, and workflows from the channel network.
- Reporting & Analytics: Provides actionable insight to distribution performance by producer, product, and region to help insurance businesses make better decisions around distribution and incentive strategy. In addition, the solution delivers a library of pre-packaged reports and analytics to help accelerate ramp up time.
- Business Process Outsourcing: Provides insurance domain expertise to help manage your day-to-day operations and maintenance of the channel and incentive system; design the right distribution and incentive strategy to drive specific financial targets; design custom analytics by role for distribution visibility; and perform benchmarking and provide data-supported insights into incentive plan effectiveness.
"Though we’re processing the same amount of data, we have a much faster turnaround time, allowing us to focus on analysis of plans rather than administrative headaches."
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Kristi Austin, Field Compensation Manager, CUNA
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