Advanced automation gears up network management for insurance MLM company

Managing a growing agent network

The regulations and competitions in the insurance sector of the multi-level marketing industry are on the rise. The insurance business is not like any other product-based MLM business. Companies have to get their agents licensed, trained and continuously monitored to ensure a safer business environment for all stakeholders. Agents need to stay engaged and motivated to increase policy sales and renewals.

An insurance MLM business was unable to manage and support agents working from various locations. Lack of agent engagement and proper support led to increased agent attrition rates. Every process related to agent management created a setback for the company hindering its growth. A manual onboarding and training process slowed down agent activation. Even with a digital commission payout system, the company faced erroneous commission distribution and frequent disputes.

The company had difficulties in tracking agent performance and providing them with the right support and resources to tackle their challenges. The insurance MLM company came to us in need of a platform that can manage agent networks and keep them on track to reduce attrition.

Agent network management with AI and automation: Key software features for insurance MLM

The core product development team at Epixel MLM Software developed a tailored MLM platform with AI and advanced automation. The platform integrated AI-powered analytics to provide insights to agents and business to improve their performance.

Every challenge the insurance MLM company faced regarding the management of their scattered agent network was addressed with the right set of features. The solution focused on improving agent engagement and ensuring an accurate commission process.

Agent onboarding and training system

The agent onboarding system automates the complete registration and licensing process with KYC verification. The feature eliminated the need for manual record keeping and kept all the agent documents secured and easily accessible for future reference. Agent agreements and details were verified for compliance with the regulations.

A personalized agent training module offered training based on each agent's need. The skill gaps were identified through a performance monitoring system with insights sent to admins or uplines for personalized support and guidance. The company can introduce a training process for agents that they must complete during their onboarding process for successful registration. Training related to company policies, policy information and industry regulations can help agents understand their responsibilities at an earlier stage of their career.

This feature ensures that the agents have the required knowledge to start selling policies faster. It focuses on contributing to agent engagement and productivity in their initial days of joining the company.

AI-powered lead generation

AI-powered lead scoring and segmentation ensure that leads are of high quality and assigned to the right agents for assured conversions. The system assigns qualified leads to agents based on their performance history and availability. This brings efficiency in the sales process and healthy competition among the agent networks.

Commission management system

The smart contract-based commission system automates the calculation and distribution of commission payouts. Smart contracts built on advanced blockchain bring accuracy and transparency to reduce commission-related disputes. Agents can track their earnings in real-time to create a happier agent network.

The automated process takes care of the delays and errors to build trust and improve agent retention.

AI-powered performance analytics

Performance dashboards with role-based access give a fair review of agent performance to individuals and managers. Agents can customize their dashboards with metrics they wish to monitor. The metrics available for monitoring in the dashboards are

Sales performance

Policy renewals

Conversions

Lead status

Commission earnings

Team performance

AI-powered predictive analytics provide agents insights into customer behavior and recommend actions for improving policy retention.

Mobile agent portal

Remote agent teams can collaborate and stay connected with their clients and peers with the mobile agent portal. Agents can access their accounts, track commissions, manage leads, and complete training with the mobile-friendly interface.

The platform offers flexibility for agents to manage their business and support customers on the move. Agents can also set automated reminders for client follow-ups and policy renewals to help build stronger relationships.

Automated compliance management

The platform watches over every minute compliance need of the business related to agents and processes. The automated compliance management feature ensures that the business practices including agent promotions and compensation plans adhere to industry regulations and regional laws.

MLM genealogy tree

The MLM genealogy tree gives the organization a visual representation of the entire agent network in a treelike structure. Users can view agent profile including their rank and earnings with just a hover of the mouse. The genealogy tree also indicates if the agent is active or inactive in the network. This makes it easier to track inactive agents and offer training or support to improve retention and productivity.

The interactive view of the agent network improves team management and boosts engagement. The feature is compatible with all MLM plans and helps the company to structure their agent network based on the chosen compensation plan.

Network management with AI and automation

The results of a smarter agent network

Automation could improve agent productivity and simplify the tracking and management of agent teams. As a result, business processes improved, thereby reducing administrative overheads and increasing ROI.

Improved agent retention and reduced attrition rates

AI-driven performance tracking and transparent commission structures reduced agent dissatisfaction. Mobile access ensures better management of business and customers. The business expected to see a 50% decrease in attrition rate post implementation.

Increased agent engagement

The genealogy tree features increased agent engagement by giving them a complete view of their earnings and downline performance. The feature alone was expected to improve distributor engagement by 80%. Added to this, the accessibility and convenience offered by the mobile-optimized platform was forecasted to witness a 70% increase in mobile engagement by allowing agents to easily manage their business.

Automated features and robust security focused on bringing an 80% increase in agent satisfaction.

Higher policy renewal rates

Automated policy reminders and client follow-ups enhanced customer loyalty and the policy renewal rates were set to hit a 45% improvement. The feature created stronger customer relationships and consistent revenue for the insurance MLM business. The AI-powered lead generation system aimed to contribute to a 40% increase in policy closures and ensure proper resource utilization.

Faster onboarding

The onboarding and training system with advanced personalization enhanced agent performance and intended to reduce the onboarding time by 60%. The training-packed onboarding process helped agents quickly earn the necessary skills for selling policies faster and with confidence.

Faster network growth

Automated recruitment and marketing tools helped agent teams expand their network faster. The company expected to witness 30% faster expansion of their agent network. AI-driven performance analytics helped the company identify highly skilled agents and support the agents who needed additional support.

Improved regulatory compliance

The automated compliance management system monitored the operations of the company and agents to ensure they are in accordance with the regional insurance laws and MLM regulations. Real-time monitoring and updates helped the company to set a 100% compliance rate across their business processes.

Fewer commission-related disputes

Blockchain-powered system established an error-free commission payout process that won distributor trust and satisfaction. There were no miscalculations or delays in the payout process. This was developed with a view to reduce commission-related disputes by 75%.

Breaking bottlenecks in agent network management

We faced challenges with implementation and ensuring complete adoption of the system. We also had to back the company in managing its operational challenges with our system.

Implementation and adoption

One of the many challenges we faced during implementation was hesitant agents. Insurance agents were accustomed to the traditional processes of documentation and client interaction. Moving them to the new system created the need for extra attention and resources. Their hesitancy was due to their low technical knowledge. We created a training program with a dedicated support team to help them utilize the full features of the system.

Maintaining strict compliance standards

The next big challenge we faced was to ensure regulatory compliance across all business processes. Insurance laws varied and marketing activities of remote agent teams also had to be kept under strict surveillance. The automated compliance management system kept a check on business processes within the system. Agent teams were trained with mandatory compliance training sessions during the onboarding process so that the company wouldn’t suffer reputation damage or legal penalizations due to agent activity.

Zeroing downtime

The system had to handle increasing agent numbers and transactions without room for errors or delays. Ensuring system stability during peak sales periods was important because even a minor interruption could impact agent performance and sales. The platform was built with cloud-based scalability and real-time monitoring tools that are expected to guarantee 99.9% uptime.

Expected Results

Reduction in agent turnover rate

50%

Increase in agent satisfaction and trust

80%

Improvement in policy renewal rates

45%

Reduction in onboarding time

60%

Increase in mobile engagement

70%

Faster agent network expansion

30%

Regulatory compliance adherence

100%

Reduction in commission-related disputes

75%