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How technology is changing the insurance industry

By Helena Hernández

The commission calculation scenario

New technology is increasing competition among agencies. In an insurance industry that is constantly changing, it is vital to the success of insurance companies to find and create innovative solutions to meet new challenges. On online platforms, apps and software are where sales representatives can have the most impact.

Insurance industry companies and agents need to be efficient to maintain a profitable insurance business with so many new tax proposals and the changing economic situations. What do insurance companies need? An automation system that will help meet all these demands and streamline processes. Let’s set an example for the commission calculation process.

Global and large companies in the insurance industry with big sales teams require special and extremely detailed commission plans, per product line or even individual products which may include complex tiered calculations. Each representative has a unique role in these companies and can be responsible for multi-line insurance products. Some sales agents have their compensation plans handwritten or mentally tracked, but it is a difficult task when dealing with direct commissions, bonuses tied to performance goals, and long-term non-monetary incentives.

Commission tracking can be near impossible when one must manage differently rated products and payment plans. That’s the reason a commission tracking software like Blitz brings great benefits by automating this extensive process.

Any insurance company that wishes to implement an incentive program for their sales team and who are looking to obtain new clients and maintain existing relationships should consider process automation and the use of technology. Being aware and in control of the commissions is a great incentive to an agent’s long-term success. Transparency between the sales force and management teams is crucial, not only for the prosperity of the sales agents but also for the companies for which they work.

Commissions are the key motivator for insurance industry agents to achieve the company’s strategic goals while meeting their own personal financial goals. It’s a win, win. Blitz goes beyond simple automation of commission tracking helps this process along on all levels. Click here and learn how Blitz can help your insurance company!

Tags: Commissions

About Blitz

Blitz is a global software for sales commissions. We help our clients to track and calculate sales commissions effectively and on-time.