Wns formulates Lifetime Model for Agency Compensation to Boost Sales Productivity

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<h1>Wns formulates Lifetime Model for Agency Compensation to Boost Sales Productivity</h1><strong> Author: <a href='http://www.articleseen.com/profile_wnsglobal.aspx'>wnsglobal</a></strong><br /><p>The client is a leading insurer selling auto and home insurance products through a network of independent agents and brokers. The 2008 com Score online automobile insurance report estimates that 15 percent of respondents reported purchasing their current policy via an online channel, a 3 percentage point gain over 2007. At the same time, the traditional agent channel experience a corresponding decline in market share, decreasing 3 points to 53 percent of total policies purchased. Faced with a market environment where customers were increasingly purchasing policies through the internet, the client wanted to boost productivity of its agents and company sales teams. The client selected WNS to deliver an analytics solution that elicits actionable insights in order to develop the right sales and distribution strategies. The Client's Challenge To address the challenge of increasing the productivity of its agent and company sales force, the client was seeking analytics support in order to • Design a new agent compensation plan • Assess effectiveness of its channel marketing programs • Increase the efficiency of engagement between the sales team and the agents • Develop a better understanding of customer retention drivers at the time of policy renewal. The WNS Solution WNS provided a comprehensive analytics solution, deploying a range of techniques to analyze data including statistical forecasting, time series analysis, regression analysis, trend analysis and segmentation to deliver actionable insights. To meet the client's needs, WNS • Created a lifetime value model to support the design of the new agent compensation plan. This model calculates the present value of the future cash flows attributed to the agent relationship • Developed detailed reports used by the sales team in order to monitor and improve the engagement with their agents • Utilized trend analysis to determine the effectiveness of marketing campaigns including the impact of seasonal factors and macro economic conditions on sales • Deployed predictive analytics to understand customer retention through regression modeling. WNS identified data sources including information on variables such as product, distribution channel, customer demographics, and competitor pricing to determine the likelihood of customer retention • Generated MIS for insight-based decision-making for the client's senior leadership. Extending Your Enterprise Given that agents are the key distribution channel for the client, it was imperative to increase the productivity of this distribution channel. In addition the efficiency of the client's sales force needed to be improved. By deploying the analytics solutions developed by WNS, the client was able to generate actionable insights into its sales and distribution channels and use these insights to formulate appropriate strategies. Benefits delivered by the WNS team • Supported the successful launch of a new compensation plan for its agents • Assessed the effectiveness of a range of marketing campaigns, thereby helping the client devise the future campaigns • Delivered better insights into agent performance. About WNS WNS is a leading global business process outsourcing company. Deep industry and business process knowledge, a partnership approach, comprehensive service offering and a proven track record enables WNS to deliver business value to the world’s leading companies. WNS is passionate about building a market leading company valued by our clients, employees, business partners, investors and communities. </p><strong>About the Author:</strong><br />For more such article insights, please follow the link http://bit.ly/eMHhcl<p> Article Source: <a href='http://www.articleseen.com/Article_Wns-formulates-Lifetime-Model-for-Agency-Compensation-to-Boost-Sales-Productivity_57136.aspx'> http://www.articleseen.com/Article_Wns formulates Lifetime Model for Agency Compensation to Boost Sales Productivity_57136.aspx</a></p>

Article Source : http://www.articleseen.com/Article_Wns formulates Lifetime Model for Agency Compensation to Boost Sales Productivity_57136.aspx

Keywords : Knowledge, Insurance, Outsourcing, Lifetime, Model, Agency Compensation, Sales Productivity, Analytics, MIS, predictive anal,

Category : Business : Business