Although
insurance companies have been around for centuries, it’s odd to note that
insurance compensation management systems have only been used now to attract
clients and enhance the sales process. Since insurance offers pre-need plans to
their clients, the most important aspect of their marketing campaign should be
to project compensation and earnings from money invested.
Paper,
pen and calculator used to be an insurance agent’s tool for determining the
projected compensation any life insurance plan would earn in the next few years
or until maturity. Clients who weren’t meticulous usually just agreed to
whatever the first insurance proposal would show them. Other clients who wanted
full control over their money, on the other hand, took long to sell and even
had to meet multiple times until the client was satisfied with the earnings
projection.
Some
enterprising companies have begun to use insurance compensation management
systems to help their clients and agents arrive at insurance plans without
hassle and with shorter turnaround.
If
you’re an insurance plan provider, why should you invest in an insurance
compensation management system? Here’s why:
1.
Adds
credibility to the insurance firm. There are a lot of
factors that can contribute to the credibility of an insurance firm. But it can
be argued that its credibility is the most important tool that an agent can use
to convince clients to buy plans. When potential buyers see that you have invested
in software that can help them make better financial decisions on the spot,
they’ll certainly be impressed.
2.
Gives
both clients and agents tools to monitor their earnings and plans. For both
the agent and the client, insurance compensation management software allows
them to look at policies, payments, dividends, earnings and other values at any
time and from a plethora of devices. This gives people transparency and can
even convince them to put more money into their plans just so they can see
their finances earn more while in your care.
3.
Speeds
up the transaction. By letting clients and agents make proposals
with solid amounts before their eyes with just a few clicks, you give them a
lot more time. This lets agents meet more potential buyers and this saves the
client time and gives a lot of convenience. The speediness of the transaction
and the proposal writing also helps seal the deal. You cannot begin to know
much the user experience of a client has an impact on the closing of a sale.
4.
Eliminates
errors and discrepancies. Human error is common when computing
insurance fees using pen and paper. What’s more, the fact that error could be
there slows down the process. When you automate your proposal writing through
insurance compensation management software, you make sure that the amounts your
clients see is the true amount that they can get, given the projected earnings
of your funds.
5.
Easy
to introduce and manage products that you sell. Insurance firms have
different kinds of plans and policies. When you use insurance compensation
management software, you can easily add, modify or remove products from your
list and have all your agents aware of the change.
More about Compensation Management System here
