Financial services convergence, lower investment earnings, and market demand for more financial products all have combined to force insurers to develop new products more quickly. But how about getting those products to the market more quickly?That requires developing incentive plans and delivering commissions to producers to encourage them to sell your products.
Reducing time to market for new products is a key strategic goal for Penn Mutual Life Insurance Co., according to Neeta Garg, assistant vice president of sales business information for the Horsham, Pa.-based insurer. "But we could only do that by making sure that our compensation systems were up to the task," she says.
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