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.
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 |
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Implementation Partner Herald Logic |