Insurance Software manages producer information.
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Press Release Summary:
TrueProducer(TM) producer and distribution management software for insurance companies centralizes producer information including appointments, demographics, contracts, continued education, credentials, licenses, and payment schedules. Features include 100% web-based control, data validation with audit trail, automated notification of expired licenses, data exportation, and rules based business process engine for editing producer information.
Original Press Release:
Callidus Software Announces TrueProducer Software for Insurance Industry
SAN JOSE, Calif., May 21 -- Callidus Software Inc. (NASDAQ:CALD), the leader in Sales Performance Management (SPM), today unveiled Callidus TrueProducer(TM), the first producer and distribution management software solution specifically designed for the insurance industry. TrueProducer is a 100% web-based application engineered for large and mid-size insurance carriers with extensive independent distribution channels, or large numbers of captive or non-captive agents.
Today, insurance carriers face many barriers to providing the best service to their producers. Common challenges include long on-boarding times, an inability for producers to make sure their demographic information is current in a simple and timely manner, lengthy contract maintenance that prevents even the best producers from getting paid on schedule. "Taking care of your producers is critical in order to be competitive in today's insurance marketplace," said Robert Youngjohns, president and CEO at Callidus Software. "This is especially true for independent agents who make a conscious decision every day which product to sell to their customers." In many cases, producers have no reliable self-service or web portals to access their information. In addition, administrators have no way to trace and reliably check credentials in order to conform to industry regulations.
In December 2006, Gartner gave Callidus Software a 'positive' rating in its "MarketScope for North American Insurance Incentive Compensation Management Applications, 2006" report.
According to Todd Eyler, vice president of research at Gartner and author of the report, "North American insurance companies are showing renewed interest in upgrading producer compensation systems to better manage and service their producers.
Moreover, "Profitability concerns, the Sarbanes-Oxley Act and other regulatory requirements will force life insurers to manage distributor compensation more actively, because this is their single-largest controllable expense."
Callidus TrueProducer software decreases the cost of servicing distribution channels and streamlines producer administration in order to improve agent retention and provide producers with the best service possible. Callidus TrueProducer(TM) is the only producer administration solution that delivers a 360° view of producer information to ensure the maximum service level to producers. This set of information includes data such as appointments, demographics, contracts, continued education, credentials, licenses and payment schedules.
"Callidus TrueProducer gives insurance carriers a serious competitive edge in a tough market - it shows Callidus insurance customers our commitment and ability to tackle the complexities involved in making it easier for producers to do business with them," Youngjohns continued. "Our solution ensures producers get paid on time and that they have constant access to critical, accurate and timely information related to the work they do. In order to grow product and service market share and retain productive producers, insurance carriers must provide the absolute best service to their producers -- Callidus helps them do that."
TrueProducer Enables Administrators to Provide Best Service to Producers "Many carriers are focusing on ease of doing business and frictionless interaction with their producers as the basis for sustainable competitive advantage and profitable growth. Historically, common processes such as producer on-boarding have been handled with manual and home-grown systems that were often inefficient, inaccurate, repetitive and often resulted in less than positive interactions with insurers," said Mark Gorman, strategic research advisor with TowerGroup. "With the help of new software solutions in this space, insurers will be better able to tie all of their needed producer data in one easily managed 360° view. This will help them not only manage the processes, but also provide the visibility and transparency so vital to enriched, seamless and timely communications with their producers. Early adopters will re-set the bar for enhanced carrier/producer relations and mutually beneficial business models that will be more positive for all the parties involved."
Callidus' solutions were designed to help increase the loyalty of independent and captive producers by improving services at all levels of producer administration. For administrators, Callidus TrueProducer replaces the process of having to look into multiple systems to find information about a producer. The solution allows an administrator to manage all information about a producer in one location and have that data exported to other systems as necessary. In addition, its rules based business process engine allows carriers to set up business processes around adding, terminating, or updating producer information.
TrueProducer Enables IT to Provide Best Service to Producers
On the IT administration side, challenges with current systems and processes include finding the best way to update multiple legacy systems with each new contract and producer. Callidus TrueProducer ensures there are no data inaccuracies, wasted resources or slowed responses. A common occurrence in the insurance industry is a duplication of data and/or effort which leads to multiple versions of truths, difficulties updating information, reduction in business agility, and there is often no tracking of submissions to government agencies which puts companies at compliance risk.
Benefits of Callidus TrueProducer(TM)
"Effective dated objects," allow for updates at any time
Automated notification of expired licenses, appointments, continuing education, and contracts
Decreased cost of servicing distribution channel with centralized producer information
Data integrity by enforcing data validation and providing audit trail
Streamlined business process for signing on new producers
Callidus TrueProducer is easy to deploy across an entire insurance enterprise and offers solutions for carriers interested in an on-demand or on- premise solution. Callidus TrueProducer is a result of Callidus' extensive experience with customers in the financial services and insurance industries, where five of the 11 largest U.S. insurance carriers and six of the ten largest U.S. banks are customers of Callidus Software.
Callidus' latest insurance market offering provides seamless integration with Callidus TrueComp® software and other third party enterprise applications, including access to compensation, dispute resolution, analytics, and reporting data. Users can find insurance-specific reports and dashboards for TrueInformation® and Callidus TrueAnalytics(TM) software modules which extends TrueComp data mart and offers pre-built reports for producers and internal staff and dashboards with insurance KPIs and alerts.
More information is available at http://callidussoftware.com/products/trueproducer.jsp.
About Callidus Software®
Callidus Software (www.callidussoftware.com, Nasdaq: CALD) is a leading provider of on-premise and on-demand Sales Performance Management (SPM) solutions to global companies across multiple industries. Callidus' products allow enterprises to strategically manage incentive compensation, establish quota targets, and align territories, resulting in improved sales and distribution performance. Customers/Partners include 7-Eleven, Accenture, CUNA Mutual, HP, IBM, Philips Medical Systems, Sun Microsystems and Wachovia.
The MarketScope is copyrighted 2006 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
©2007 Callidus Software Inc. All rights reserved. Callidus Software, the Callidus Software logo, Callidus TrueAnalytics, TrueChannel, TrueComp, TrueComp Datamart, TrueFoundation, TrueQuota, TrueComp Grid, TrueComp Manager, TrueInformation, TrueIntegration, TruePerformance, TrueReferral, TrueResolution, TrueService and TrueSupport are trademarks of Callidus Software Inc. in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
Source: Callidus Software Inc.
CONTACT: Jock Breitwieser for Callidus Software Inc., +1-408-975-6683, pr@callidussoftware.com Web site: http://www.callidussoftware.com/
