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Insuring Incentives

Insuring Incentives

Incentives and loyalty are definitely two intimately associated issues.

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Established in 2001, ING Vysya Life is the insurance wing of the ING group and is headquartered in Bangalore, India. It has over 5,000 in-house sales managers, 40,000 freelancing advisors selling insurance, and it also availed the services of alternate channel partners -- like banks -- to promote their products. In order to keep the freelancers motivated the company needed to come up with frequent incentive schemes, which had to be innovative and attractive.

But ING Vysya Life were not the only ones trying to do this. With so many players in the market, all selling the same products, insurance companies need to keep modeling their incentive schemes to create that difference.

"Companies need to diversify distribution channels to deepen the process of product penetration. In a bid to combat commoditization, insurers add new products and services to their product portfolio. But while doing so they should ensure that their communication with the field-force must address this complexity," says Y.V.D.V Prasad, director, business development, ING Vysya Life Insurance.

As the company expanded its reach across multiple channels; delivering accurate, relevant and timely information became a monumental task. It was hard to meet the growing demand for transparency in information -- both for the company and the sales force. Whenever the company came up with a new scheme, or added a new feature to the existing schemes, the sales force needed to be informed. And the only communicator between the freelancing sales force and the sales support team was an inaccurate, manual and opaque excel sheet.

"Market conditions demanded constant change in incentive designing to engage and entice distribution channels. We wanted to ensure auditable and accurate payment of incentives," says Subramanian.

The manual system had few modeling facilities thereby limiting innovation in designing incentive schemes. Relying on that was beginning to prove dangerous for the company.

ING Vysya Life needed an incentive management system to automate the process and bring in transparency. And they needed it fast.

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Tags softwareapplicationsBusiness Process Managementcorporate issues

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