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Q&A with Branch Managers in Insurance Industry

We had a Fireside Q&A session with 118 Branch and Regional Managers across 14 different insurance companies and here's everything that we got from this invaluable conversation.

Insurance Industry
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10 Min read
 — 
Last Updated on
July 26, 2021

A group of 118 Branch and Regional Managers across 14 different insurance companies attended a Fireside Q&A session about “Contests and Commission Plans in Insurance Companies”. Before the session began, we conducted an in-session poll with the participants to understand their current perceptions on contests and commissions. Here were our findings. 

Q1: Awareness of all current contests among advisors/ salespeople

This question was to identify how managers perceived ‘how aware their team members were of the current contests’. 

We can infer from Graph 1 that the managers felt that most of the team members were not well aware of the contests that were being conducted.

Q2: Satisfaction of insurance advisors/salespeople happy with disbursals

This question was to identify how the managers perceived ‘how happy their team members were with the current contests’. 

We can infer from the Graph 2 responses that the managers felt that most of the team members were not happy with the contests that were being conducted.

Q3: Reasons for dissatisfaction with current disbursals

Graph 3

This question was to identify the reasons ‘the managers perceived their team members were unhappy with the current contests’. We can infer from the Graph 3 responses that the managers felt that ‘Lack of Transparency’ and ‘Delays in disbursal’ topped why current contests are ineffective.

Q4: Effectiveness of current performance contests

Graph 4

This question was to identify how the managers perceived the ‘effectiveness of the current contests’. We can infer from Graph 4 that most managers rated the current contests a 2 or 3 on a scale of least effective (1) to most effective (5).

Q5: Suggestions to improve salesmen’s productivity


Graph 5

This question was to get inputs from the managers on ‘how to improve the current contests’. We can infer from the Graph 5 responses that the managers felt that ‘Live score and earnings’ and ‘Error free’ can make the current contests effective.

FAQs

1. What are the different ways to redeem points?

Compass points can be redeemed against more than 5000 gift vouchers, cash transfers, and experiences. You can also directly transfer them to your Paytm or Amazon Pay accounts.

2. How are team members made aware of the redemption process and the available options?

There is constant communication that goes from the Compass Team and the internal teams regarding the redemption process. In addition, proper flow charts of how to redeem are also posted in the town hall.

3. Can my team and I view all the details about live and upcoming contests on Compass?

Yes. Compass displays all the details for Managers as well as team members, at both the Contest (Live, History, and Upcoming) level as well as the Milestone level. In addition, all milestones in Compass programs offer tips for the team members to perform and achieve the milestone better.


Roll-up Report

4. Is the contest ending period shown in the Compass roll-up report*?

* A roll-up report is a detailed, hierarchical report that showcases the performances of all the team members, who are direct and indirect reportees of a manager. 

Yes. The contest ending period is shown in the Compass roll-up report. This way, you, the manager, can see the contests that are relevant for a particular period.  

5. Are contest-level and overall branch-level reports shown in the Compass roll-up view for all kinds of programs?

Yes, the Compass roll-up view report does precisely that. It allows the programs to be seen at the individual team member level, the branch level, the regional level, and the zonal level. 

6. Can I see branch-wise and segment-wise contest qualifiers and their data?

Yes, you can see branch-wise and segment-wise contest qualifiers and the corresponding data in the Compass roll-up view. So, for example, you can see the achievements as well as the gaps of your team members in the roll-up view.

7. Can Zonal Managers see the performance gaps of their skip-level reportees?

Yes. The Zonal Manager can see the performance gaps of their skip-level reportees and use that data to have a positive dialogue with them. These performance gap reports can be handy - especially during review discussions and monthly target discussions. All of this is available in the Compass roll-up view dashboard.

8. Is a summary report generated after the contest is completed to discuss the gaps?

Yes, the Compass Roll-up view gives a comprehensive report after contest completion. It also gives a live report based on the admin users' role that enables Zonal heads, Region heads, and other managers to discuss the gaps in achievements much before the end of the tenure, enabling time for course correction. 

9. Is there an option to nudge a team member for their performance? 

Yes. The system automatically nudges the members based on their performance gaps and the Milestones they have very narrowly missed. In addition, it tells them how much more they need to complete to achieve the milestone.

10. Is there a way to integrate regional and local initiatives into Compass and empower the Regional Managers?

Yes, there is a way to integrate regional and local initiatives into Compass.

A Regional Manager once made a Super Admin, can create local programs. In other words, the RM can create a custom program specific to their regions and run these programs successfully end to end. This feature is particularly useful if a target group or region has been overlooked for a contest. 

Once the team members qualify for a contest, does Compass generate and share a rank report of winners? 

Yes. Once a team member qualifies for a contest, Compass generates and displays the winners in a custom format as predefined by the admins. These formats are called leaderboards and are powerful tools for instant recognition. Compass also shares these Leaderboards readily with the Townhall group. 

11. Is there a feature to see team members' birthdays and have automated wishes for them published on Town Hall?

Yes, this is a feature under development. We plan to have birthday reminders that can be set up by the Super Admin and even have rewards sent out along with the birthday wish automatically. 

12. Can only the top 20 (country-level/ region-level) contest leaderboards be shown to the leaders? Can the leaders initiate communication and push their teams based on this leaderboard?

Yes. Compass has a leaderboards feature that showcases only the top 20 performers of the country/ region. In addition, the Super Admins can customize leaderboards based on their exact required criteria.

Leaders can also initiate communication through Townhall and the zonal groups created on Compass and push information relevant to those leaderboards. Leaders can highlight the people who have won and appreciate them duly.

13. Is goal-setting the first step before the user starts the program?

Yes. Goal-setting is the first step for the end-users to access the program. In addition, this setting pushes the user to complete their performance planning on priority.

14. Does a notification go to every achiever when they complete a milestone?

Yes, at the completion of every milestone, a notification is sent to every participant via mobile phone/email/SMS (depending on the user settings). Additionally, if the user narrowly misses a milestone, another notification is sent out intimating them of the same. 

15. Can I see how the contest calculations are done and how a team member is eligible for a contest?

Yes. Every program comes with a detailed description of how the contest reward is calculated,  how the team member has performed and how the eligibility is determined.

16. As a leader, can I see customer-level detail?

Compass does not currently provide customer record details: It generates detailed reports of team-level contests, incentives, programs, and achievements.

17. Can team members see the various stages of their sales cycle?

Yes. For example, if the Super Admin sets up a program that tracks meetings, allocations, and customer acquisitions - the end-user would see the real-time progress of the same. 

18. Is there a query management system with TATs or a chatbot that offers primary question responses?

The query management system is built into every end-user app. By clicking on the customer support link, the end-user enters a query into our WhatsApp support or online chatbot and initiates communication with one of Xoxoday's customer service executives. 

19. Can we connect Compass to our CRM?

Yes. Compass can be seamlessly integrated with your favorite CRM. Integrating with Compass helps with:

  • Save 100% of your data compilation, sanitization, and processing efforts
  • Choose between manual data-upload or integrations via webhooks, APIs, SDKs, or Google Drive.
  • Data structure agnostic system accepts raw data and allows defining gate-keepers that sanitize the data.
  • Build your own library of dynamic variables/KPIs like Weighted premium, No. of policies, Persistency, Claim ratio, etc.
  • Grow your library anytime as per your business needs.

20. Can I track logged-in versus not logged-in team members?

Yes, Compass gives a detailed report of team members who have logged in, not logged, received reward points, redeemed their reward points, etc.


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