Insurance Sales Balanced Scorecard Metrics

Managing the sales force of a company has often proved to be a cumbersome task to perform and when talked about Insurance companies the tasks even become more difficult. Managing the insurance sales force effectively with the help of KPIs can be of great help. KPIs are the quantifiable measures and would be critical in evaluating the performance of the sales force of an insurance company.

KPIs in Insurance Sales Force Management can be broadly grouped in 4 prime perspectives-financial, operational, customer service, and education and training perspective.

Financial perspective helps in evaluating the financial aspect of the concept. It comprises of KPIs such as annual salary, incentives as percentage of salary, increase in profit per sales executive, and percentage increase in training cost.

Operational perspective would be beneficial in judging the operations of sales force. It consists of KPIs like percentage of renewed policies to the number of policies sold, percentage of policy lapses of missed payments, number of sales targets achieved and percentage decrease in employee turnover.

Customer service perspective encompasses KPIs like number of referrals generated from customers, number of customer focused products developed, percentage decrease in customer complaints and percentage of upgraded policies.

Education and training perspective talks about the steps taken to improve the efficiency of sales force. KPIs that come under this perspective are number of training sessions, number of brainstorming sessions, number of motivational training sessions and number of quality and feedback initiatives introduced.

• Download trial version of Insurance Sales Dashboard. Insurance Sales Estimation Balanced Scorecard is distributed as an Excel file. Before purchase you can download a trial version of the scorecard. Insurance Sales Estimation Balanced Scorecard Excel file contains a dashboard (see screenshots below), help information section, Balanced Scorecard details.
• Purchase full version of Insurance Sales Dashboard. Immediately after your order will be processed you will have a link to download Balanced Scorecard (BSC) Excel file and file in Balanced Scorecard Designer format.
• Check Balanced Scorecard Toolkit for scorecard designing instructions.

More useful information for Insurance Evaluation:

• Related metrics and KPIs for: Insurance Claims.
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• Insurance best practices articles: KPI vs. Balanced Scorecard, Design Scorecard with BSC Designer, The role of KPIs in Insurance Sales Force Management, KPIs in Insurance Claims Management.
• Balanced Scorecard e-course. In this e-course you will learn more about Balanced Scorecard niche. We talk about Balanced Scorecard design and management issues.

Recent posts in KPI forum: BSC Software and Solutions Review Report Released, Cascading Scorecard in Balanced Scorecard Designer, BSC Designer 2.0 released with stop lights

• Balanced Scorecard toolkit. Is a whitepaper where you will learn more about mathematics that stands behind Balanced Scorecard, you will learn basic ideas that will help to design your own scorecard, develop and implement KPI in your business processes.
• Balanced Scorecard fact sheet. The collection of business facts and statistics on Balanced Scorecard.
• Scorecard Design Software. This metric was designed with Balanced Scorecard Designer. This is a great tool for scorecards or KPI building, performance measurement and information sharing.

How to measure Insurance performance with Insurance Sales Scorecard for Excel

We have designed Insurance Sales Balanced Scorecard (BSC) in MS Excel, so now you can measure and control your performance using this popular business tool. Download trial version right now.

Why do I need these metrics?

MS Excel files that we distribute are a spreadsheets packed with metrics information and the performance calculation formulas.

It's a real-business information. We invested in research that involved experts from Insurance Evaluation industry who elaborated and shared certain metrics. It's valuable, real-life experience which will help to improve the performance of your business.

• I'm sure you understand the importance of measuring and controlling business using correct metrics, so this small investment will return in a great increase in sales.

• To get a basic idea about what metrics to use. We learned a lot of business metrics and packed scorecard with the most successful.

• To have a sample excel file, which is easy to modify to fit your needs. All Excel formulas are available for copy and change.

• To start with measuring business performance. It's important to start with correct metrics, then you will be able to fulfill scorecard.

Insurance Sales Estimation Balanced Scorecard Screenshots

Metrics for Insurance Evaluation. This is the actual scorecard with Insurance Sales Dashboard and performance indicators. The performance indicators include: insurance sales force financial perspective annual salary incentives as % of salary increase in profit per sales executive % increase in training cost operational perspective % of renewed policies to the number of policies sold % of policy lapses or missed payments number of sales targets achieved % decrease in employee turnover customer service perspective number of referrals generated from customers number of customer focused products developed % decrease in customer complaints percentage of upgraded policies education and training perspective number of training sessions number of brainstorming sessions number of motivational training sessions number of quality and feedback initiatives introduced. Right now you can download trial version of Insurance Sales Dashboard or purchase full version of this Balanced Scorecard.

Some Balanced Scorecard help information that explains how to interpret scorecard. What scores and weights can be changed.

Download or purchase Insurance Sales Estimation Balanced Scorecard