Boosting sales productivity of every agent with personalized agent performance reports.

CLIENT: GENERAL INSURANCE MAJOR

INDUSTRY: INSURANCE

FUNCTION: SALES

USE CASE: AGENT PERFORMANCE REPORT

 

 

Agent Performance Report - Phrazor

Leading the private sector players in the general insurance industry, the company has its presence across the nation with over 265 branches and 910 virtual offices. The company owns a market share of 15.6% and caters to a vast clientele with its robust field force of 4000+ agents, and a well-diversified range of products in motor, health, travel, personal accident, crop, fire, marine insurance and more.

To keep pace with the growing competition and boost revenue, it had become imperative for the insurance giant to closely monitor the performance of their independent agents.

Limited Views Obscures Insights

The business analyst team at the general insurance company manually analyzed and produced agent performance reports based on various datasets. The reports were created from a top-line perspective with limited insights, proving to be challenging to scale as the number of agents increased.

Moreover, due to time constraints and lack of data resources, it was impossible to share personalized performance report with each independent agent. This inept process made it difficult for business teams to identify performing agents, further missing opportunities to acknowledge and motivate them for better results.

On the other hand, amid busy schedules and client closures, the independent agents found it challenging to keep a tab on their assigned targets. The limited communication from the business team failed to give them the required visibility on their performance. This situation hindered the motivation of the agents and increased the attrition rate for the insurance company.

Key problems identified:

  • Lack of manual bandwidth to provide personalized performance analysis to each agent.
  • Difficulty to present detailed insights and learnings to independent agents from large datasets.
  • Incompetent KPI evaluation due to disorganized data management and monitoring.
  • High attrition rates due to lack of performance recognition & motivation.

Embedding Self-Service Analytics for Every Agent

The Business team at the general insurance major realized they needed a better solution that could help them break through the barriers of limited insights. One that would grant the agents the ability to self analyze their performance and keep them committed. They reached out to Phrazor, a reporting automation tool to bridge the growing gap between agent performance analysis and engagement.

  • Phrazor enabled the insurance company to create comprehensive agent performance reports at scale. Enabling them to send 4000+ personalized performance reports on the fly.
  • The agents now had access to an in-depth overview of their sales performance w.r.t their specified regions, products, and set targets in terms of GWP, policy counts and their highest selling plans.
  • Moreover, the performance reports were accompanied by easy-to-understand written narratives like sales insights highlighting highest-selling categories, top-selling plans, and its premium contributions in their assigned regions. This empowered the agents to self evaluate their performance efficiently.
  • To build a healthy competition among the agents, the reports highlighted individual performance analysis against their peers, showcasing a clear picture of their monthly contributions.
  • Based on predictive analytics, Phrazor also generated actionable recommendations in the agent performance reports, allowing them to understand their next course of action to tap into growth opportunities.
  • Additionally, the insurance company could easily share these reports with all their independent agents via email blasts.

How the general insurance major leveraged the natural language generation platform, PHRAZOR?

Using vPhrase’s Natural Language Generation and ML technology, the insurance company could:

  • Increase agent engagement and motivation.
  • Implant a data literate environment among their agents.
  • Closely monitor the sales performance & increase the ROI of each independent agent.
  • Reduce the time lag in report creation from days to minutes.
Agent Performance Report - Phrazor

IMPACT

2000 Hours
of manual efforts saved in report analysis

4000+ Reports
consumed actively by insurance agents

7 Days
time expediated for monthly report generation

This is one of the many use-cases Phrazor executes in the banking and finance industry. To learn more about how Phrazor can help you, write to us.