The Incentivate team met with the sales operations team of the client to understand the challenges that the insurance industry, and them in particular, were facing.

So, a full-fledged onsite workshop was arranged for the same, which significantly simplified the process and helped detail out exact requirements that were critical for the success of the sales function.

A cohesive effort was put in to create an all-inclusive plan, which was used diligently followed by both the parties during the implementation phase.

In conclusion, the leading Indian insurance broker successfully streamlined its operations by implementing Incentivate's automated solution. This transformation enabled the broker to efficiently manage the complex IRDAI incentive guidelines, resulting in a 50% increase in the sales operations team's productivity. The new system provided near real-time performance dashboards, improved accuracy in incentive payouts, and significantly reduced manual processing. Consequently, the broker could focus on value-added activities and leverage insights to enhance sales strategies and drive business growth.

The organization had to deal with the complex IRDAI incentive guidelines, which varied by region, vehicle category, policy type (comprehensive, own damage, and third party), policy term, and coverage type. These resulted in unique incentives for all possible combinations. However, accurate calculations were a big challenge as spreadsheets could not cope with these complexities.

Sales reporting was difficult because policies were sold directly through Points of Sales (Agents), and strategic alliances logged into SAIBA had nuances specific to the sales channel and local challenges (e.g. lack of internet, technologically inept).

The sales operations team worked for weeks on spreadsheet calculations. And sales executives spent several hours validating them.

In absence of an incentive solution, the agents received incentives information in excel spreadsheets. The lack of detailed calculations hit the motivation levels and resulted in decreased productivity.

A solution designed to integrate and pull raw data and employee details from the client’s MSSQL server, helped the team to schedule jobs to run at specific times without any manual intervention.

A parameterized system in accordance with IRDAI guidelines

A near-real-time refreshed incentive and performance dashboard for agents.

A Single Sign-On functionality for seamless access.

Maker-Checker functionality for the operations team to control. parameter-related changes and for auditing.

Exception Management functionality to override data errors.

Weekly processing as opposed to the current monthly manual process.

A SAP compatible payout file for the Finance team.

Near real time access to individual and team’s performance for the field.

80% of the erroneous transactions resulted in wrong incentive payouts.

A massive reduction in offline processing, resulting in a 50% increase in the bandwidth of the existing sales operations team for value-added activities.

Weekly dashboards for Sales Operations to track field-level performance.

The business got access to insights into the best and worst-performing insurance providers, which are now used as a baseline to launch contests to push specific insurance products to the market.