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Kotak Mahindra Old Mutual Life Insurance : Kotak Rewards & Incentive System

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PCQ Bureau
New Update

The challenge faced by Kotak Mahindra Old Mutual Life Insurance Co (Kotak

Life) was to capture and monitor performance information for an agency sales

force of 35,000+ and reward this work. Before implementation of this project,

incentives were calculated using a manual process where periodically data was

extracted from core systems. This data was then subsequently manipulated using

complex spreadsheets by a team of highly skilled people.

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Time consuming and error prone, this process was not able to meet one essential

principle — prior performance visibility that would allow corrective action.

To overcome these difficulties, KRIS was implemented; KRIS automated the entire

process of reward program setup, data integration, computation and reward

determination. It also made performance & earned reward data available on a

daily (intra day) basis to all stakeholders, beneficiaries, managers and branch

staff.

Key benefits of this system were: improved visibility of sales performance and

rewards available from the same day across all hierarchy levels. Other benefits

of this implementation were reduction in cost of incentive/R&R program, improved

sales performance through targeted incentive and reward & recognition (R&R)

schemes, and transparency of process. KRIS has become a tool that the sales

hierarchy uses to manage business.

Project

Specs
  • Project Head: Dhiresh Rustogi ,CTO, Exec VP ,IT
  • Deployment Location: Mumbai
  • Team Size: 3
  • Tech Used: IntelliRADAR Java based business applications

    platform, Java based SW components, Eclipse BIRT reporting Framework,

    Oracle PL-SQL
  • Expected life: 7 Years
Implementation

Partner

Herald Logic

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