VIEWS: 21 PAGES: 2 POSTED ON: 2/18/2010
“Versata is helping Penn Mutual increase profitable sales growth.” Bob Chappell, Chairman and CEO The Penn Mutual Life Insurance Co. Customer Success Story - Penn Mutual Leveraging Distribution For Profitable Growth Large and complex distribution channels have always been as much a challenge as an opportunity for life insurers. Especially in today’s increasingly dynamic market, Penn Mutual knew that distribution inefficiencies were hindering its ability to continue to effectively meet the changing needs of its field managers and producers while keeping corporate revenue and expenses in line, and the company responded. With Versata’s Distribution Channel Management System as its new platform, Penn Mutual is now on a path to increase profitable growth and support its multi-channel selling relationships. The Challenge After 150 years, the mission of The Penn Mutual Life Insurance Company has remained constant – helping clients achieve a lifetime of security. To do this, Penn Mutual has always focused on developing deep relationships while providing superior support to its agents, financial advisors, producers, and most importantly, clients – who number over 450,000 today. As was the case with most insurers, Penn Mutual’s relationship with its producers, agents and financial advisors was hindered by a lack of flexibility and overall effectiveness in distribution, brought on by: • Outdated compensation and reporting processes • An inability to react quickly to changing needs • Lack of an ideal mix of business • Exposure to compliance issues in the licensing and registration processes Penn Mutual realized that modifying inflexible legacy systems to solve these problems would be prohibitively expensive and time- consuming. Instead, the company needed to create a new distribution channel management system that would: • Ensure profitable growth, not just growth • Include both proprietary products and those from other revenue sources • Further leverage distribution costs for greater revenue • Create a more accurate P&L statement, with greater detail and more effective management information In searching for a strategic partner, Penn Mutual realized that only a provider with a powerful and proven insurance-specific solution could help it truly realize the intended results. “Penn Mutual needed a dedicated partner who not only understood distribution, but also had a deep grasp of the nuances of our industry. We could not be more pleased with Versata’s focus and commitment to our goals and our continuing, measurable success.” James Clary, VP of Sales Operations, The Penn Mutual Life Insurance Company. Versata Solution Brief The Solution Penn Mutual’s strategic distribution management “SCORE” project With Versata’s Compensation solution, Penn Mutual is also lowering was ambitiously designed to reengineer the distribution back expenses through: office, improve flexibility, eliminate inefficiencies and upgrade • A single system of record and single source for information, information quality and availability. allowing the company to better manage producer relationships, Through such vast improvements, SCORE was also intended to particularly in compliance and customer service better meet compensation needs of producers, eventually aiding in • Significantly reduced risk of fines and other regulatory sanctions agent retention. Ultimately, the SCORE project estimated a 10% revenue increase along with significant expense savings. With • A streamlined licensing and contracting process these goals in mind, Penn Mutual turned to Versata for a compre- hensive Distribution Channel Management System. Business Benefits The SCORE project was poised to realize measurable success from Since the project’s inception, Penn Mutual has enjoyed an on time, the beginning. The insurer worked with Versata to build a multi-year on budget technology deployment with Versata, enabling the strategic plan to prioritize the most valuable projects first, and company to realize increased revenue and decreased costs on the ensured project goal alignment between the business and IT side following levels: of the organization. • Amount of time to implement new compensation plans reduced With the Versata Distributor Administration and Credentials by 75% Management solution, Penn Mutual will be able to realize revenue increases from: • Compensation accuracy dramatically improved, leading to profitability in the distribution organization • The ability to handle diversified distribution channels– expanding distribution, handling more clients and selling more business • Recruiting, hiring and training costs expected to decrease by 20% • Improved producer servicing with accurate commission • New compensation plans and information expected to drive statements, improving agent retention information and support- cross-selling of products and encourage top producers to place ing profitable growth more business with the company. • The power to introduce new products and compensation plans Ultimately, Versata’s Distribution Channel Management System faster, accelerating speed to market through new channel points enables Penn Mutual to more efficiently support its field managers and their complex organizations, while delivering flexible compensa- • Flexibility in compensation structures tion structures tailored to producers’ needs—leading to increased sales profitability. For over a decade, Versata has helped create business success for Global 2000 companies. To learn more about what we are doing for Penn Mutual and how we can help your business, visit www.versata.com. Headquarters United Kingdom Germany India China (Including Middle East (Including Central, Eastern No.5 Salarpuriya Infinity Suite B, 10th floor, Versata Inc. and Africa) and Southern Europe) Bennerghatta Road Building A 6011 West Courtyard Drive, Bangalore -560 029, Yuantian Technology Austin, TX 78730 USA Versata Versata India Building web - www.versata.com Parkshot House Flughafenstrasse 52 ph +91 (0) 80.4132 2000 3778 Jiang Nan Avenue toll free 1.800.984.7638 5 Kew Road Hamburg 52 22335 fx +91 (0) 80.4132 2999 Hangzhou, China ph 510.238.4100 Richmond Germany 310053 fx 510.238.4101 Surrey TW9 2PR ph +49 (0)40.533.26.137 ph 0086(1321)6188349 England fx +49 (0)40.533.26.100 ph +44 (0) 20.8334.8080 fx +44 (0) 20.8334.8180 © 2006 Versata Software, Inc. All rights reserved. Versata, Versata Distribution Channel Management and Versata DCM are trademarks or registered trademarks of Versata Software, Inc. All other trademarks are properties of their respective owners. VERSATA PROVIDES THIS PUBLICATION “AS IS” WITHOUT WARRANTY OF ANY KIND AND RESERVES THE RIGHT TO CHANGE PRODUCT SPECIFICATIONS AND OTHER PRODUCT AND SERVICE INFORMATION WITHOUT NOTICE..
Pages to are hidden for
"“Versata is helping Penn Mutual "Please download to view full document