Commission management is one of the cumbersome processes in the insurance industry. That’s the reason insurers are seeking for effective ways to simplify this process. Here in this PPT we’ve outlined best strategies that can help you enhance commission management process and stay focused on core business aspects:

1. B E S T S T R AT E G I E S T O I M P R O V E Y O U R
7COMMISSION MANAGEMENT PROCESS

2. Dealing with
challenges is what
every business has to
do in order to thrive
in today’s market,
and the insurance
sector is not excluded
from this
phenomenon.

3. And if you are
pondering over what
makes a business
successful?

4. It’s the way it deals with
obstacles. However, the
insurance industry has its
own set of challenges in
every process right from
handling underwriting to
policy management, claims
processing and commissions’
management.

5. Commissions’ management
is undoubtedly a time-
consuming process for
insurance businesses,
across the world, as they
have a large number of
field agents working for
them on commission basis
to sell their insurance
plans.

6. Let’s now take a look at some of the
common challenges faced by the insurance
businesses while handling commission
management process:

7. Maybe because of lack of time
or inadequate experience,
insurers fail to keep track of
their agents’ performance and
end up paying them more or
less.
Poorly Managed Work Records

8. Insurers who are still working
manually and not engaging latest
technological tools tend to suffer
from a large volume of workload
and time management issues.
Using Outdated Technologies

9. Insurers have to manage numerous
processes on a daily basis- they
need to take care of back-office
tasks, updating customer records,
checking and renewing policies,
settlement of claims, and so on.
Increased Workload

10. Thus, it is often seen that they neglect the
commission management process, or pay
their agents incorrectly.

11. Insurance businesses are under
tremendous pressure to stay
compliant with all government
regulations. They also need to stay
ahead of their competitors as
‘change’ has become the new game
to thrive in today’s time.
Increased Competition

12. Hiring an expert team to manage all
back-office processes is somehow not
the first choice of insurance start-
ups, which is a grave mistake on their
time. By following a DIY approach for
commissions, they end up losing more
than gaining.
Absence of Experts

13. That being said,
itis high time for insurance businesses
to get ridof redundantways of handling
theirclaims and adopt improved
strategies to ensure seamless
operations.
Here are seven best strategies that
mighthelp you to do so!

14. Keep Note of Market Fluctuations
You need to stay abreast of all
changing market conditions as they
tend to impact your employee
performance, such as the change in
seasonal demand, new government
regulations, etc.

15. Thus, keep revising the agents’
targets and provide them the
required process training from
time to time.

16. Plan an Efficient Commissions' Structure
The ultimate goal of every insurance
agency is achieving their annual
sales target to ensure optimal
business growth.

17. So, make a clear and transparent
commissions’ structure by keeping
some rewards for agents as a way to
motivate them to help you achieve
your goal.

18. Hire the Right Talent
Hiring right manpower is a challenging
part and insurers need to be very
careful while appointing people for
their firm’s back-office tasks.

19. Therefore, prepare a checklist of skills and
qualities you are seeking and while
interviewing, ask relevant questions that
are competency-based or else you can opt
to outsource commission management
processes.

20. Item 1 Item 2 Item 3 Item 4 Item 5
40
30
20
10
0
Set Targets that are Practical and Justified
To avoid conflicts within your
employees, always spend some
time with them to learn about
their reviews on targets
defined. This will help you
ensure that both their and
your expectations are in sync
and that is possible by setting
SMART goals.

21. Give Feedbacks and Motivate your Employees
It is important to have regular sessions
with your employees in order to provide
them your feedback on their performance.

22. These sessions can be brief but consistent
and work best when your employees are
not working properly or have other issues.

23. Variance in Rewards
Instead of rewarding your agents
monetarily, you can also reward
them in a different way, something
that is not hard cash.
Some ideas are taking them on
lunches, providing shopping
vouchers, sponsoring trips etc.

24. Promote Teamwork:
Always keep a positive work
environment. Conduct regular
meetings, and opt for team-
building activities to motivate your
team so they can work together,
work more, and achieve most.

25. Don’t forget to review the team
targets from time-to-time.

26. If your insurance business is finding it
hard to keep up with all the back-office
processes, now is the time to alleviate
your burden by outsourcing your
commissions’ management to an
external vendor.

27. What can be a better choice than
Cogneesol?
Get in touch with them as they are world-
recognized one-stop solution for all your
insurance back-office needs.

28. Talk With Our Experts
info@cogneesol.com
+1 646 688 2821
www.cogneesol.com