Single-view, seamlessly
integrated
performance
solution for over 10,000
insurance agents

Overview
This Insurance Group is one of the top life insurance companies in Malaysia with a team consisting of over 10,000 agents promoting life insurance products across multiple industry sectors. Its branch network exceeds over 40 locations with dedicated agency and distribution channels across the country.

Problem
Its rapid growth over the past few years compounded its admin and reporting challenges. The situation was becoming more and more acute as the growth in numbers risked hampering sales results. It’s Business and Agency teams were receiving sales data on excel reports on a weekly or monthly schedule based on the criticality of the report.
This day-to-day manual alignment process involved a massive effort on the part of the IT and Business Teams. Both teams needed to sit down and validate the reports each day to make sure agents were receiving the right content.
In addition, the Agency team was also having difficulty identifying and tracking active agents, which prevented it from sending targeted communications and insights to the agents. Company executives knew they needed a single view of their performance parameters and a single source of truth for the Corporate & Agency teams that would trigger action-based insights.
The lack of a single view of performance metrics coupled with the inability to collect data in a democratized fashion — which would empower individual agents — also stood in the way of improving performance. In addition, its agency team size would grow every year, compounding these hurdles.
To add to this, the Malaysian Central Bank mandated that all life insurance agents have their own balanced scorecard, forcing the company to create a performance scorecard solution as well.

Solution
Through various consulting workshops, KPISOFT assisted the client in identifying designation-wise key performance metrics (for Balanced Scorecard and Contests). As of July 2019, all seven mandated metrics were rolled out for the insurance major as part of the balanced scorecard initiative.
The team also drilled down to the actual business challenges. KPISOFT automated the process of daily reports and eliminated multiple levels of validation that was previously required.
Through KPISOFT’s proprietary database-agnostic data mart tool, data was seamlessly integrated from all existing operational systems and linked into each agent’s performance scorecard.
The reporting challenges the company faced were addressed with a best-in-class Performance Analytics tool, which targeted performance insights to specific groups of agents. With KPISOFT platform:

  • Every agent is now given a personal dashboard to check their personal performance metrics and commission earned on it
  • Every manager has a group dashboard to manage their team performance metrics and manpower data to maintain active users
  • The key management team gets high-level data on team performance across the branches
  • All the agents receive frequent communication through push notifications
  • Automated contest reports are provided for group leaders and managers

Impact
In one stroke, KPISOFT allowed the client to be Central Bank compliant and substantially increased their Revenue Per Policy compared to the same period last year. Over a period of three years, it saw its annual insurance premiums increase by 32.8% resulting in higher net profit.
The company experienced a 15% increase in the number of active agents and revenue, through automation of strategy and KPIs. Like a virtual performance assistant, KPISOFT gives its 10,000 agents constant push content with actionable insights that are contextualized and time relevant.

Additionally, gamification and push notifications, which show agents how well they are performing against their peers, combined with the daily sales data have vastly improved agent reporting.

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