Insurance, mortgage, and wealth management sellers have options when selling lines of business. The best sellers choose providers that have the least amount of friction in the process.
Insurance Providers who deliver a crisp and clean commission result to the third-party channel will not only provide them with value because sellers can see how much they’re getting paid, when they're getting paid, and how much more they can make in the system daily.
In doing so, sellers build confidence in the Insurance Provider and have a sense of assurance that they're going get good results and will get payouts from them. This creates a preference to write a line of business on their products as opposed to one for a competing product.
Sellers may carry several products in their portfolio as an insurance agent or a wealth management company but knowing that if they sold a particular Insurance Provider’s line of business, they will be paid properly (on time and accurately), they will have a higher level of trust in that company, and build their loyalty to that particular company over time, compared to its competitors.
We hear the horror stories of sales and partners not getting paid properly. They need to dispute and fight for every penny earned. It builds a poor brand reputation among top sales and partner channels when an Insurance Provider has a friction-filled process. It is a drain on the business to spend support staff time and money at these brokerage firms to go and figure out if they are getting paid correctly or not.
Varicent is the Sales Performance Management (SPM) solution that offers the value proposition of complete visibility and trust in the actual commission results that are calculated and paid out to sellers. Over the last 15 years, our solution has built a reputation for improving the Insurance Providers’ ability to deliver. Our platform helps reduce friction and motivate sellers to write more business for Providers who use Varicent.
To make them happy, to make them loyal sellers, to choose them over other brands, they often want these channel partners. They sell lines of business because they get paid the best, the most frequent. They don't get overlooked. They feel special and important. They've got confidence that if they sell that line of business, they're going to get paid accurately. That's part of what it's providing.