Balanced Scorecard Overview
Based on Life Insurance & Family Takaful framework introduced by Bank Negara in Malaysia on 23rd Nov 2015 and as per Balanced Scorecard KPI’s defined by Life Insurance Association of Malaysia (LIAM) & Malaysia Takaful Association (MTA), GrayMatter has developed comprehensive Balanced Scorecard solution for Malaysian insurance companies, both Life & Takaful. This balanced scorecards solution, not only complies with regulatory requirements but also provide comprehensive business insight to Agency & Banca channel to drive their top-line growth.
The balanced scorecard solution comprises of role based dashboards, reports & OLAP cubes for ad-hoc analysis (self service). The dashboards highlights performance of each agent on their 5 KPI’s with the score as per weightage defined by LIAM-MTA. The rule engine has been built to calculate commission amount on each KPI as per their score.
The balanced scorecard dashboards are highly intuitive and have been especially developed for sales & distribution team to drive their new business & annual persistency on a daily, weekly, monthly & quarterly basis. Moreover, dashboard provide potential commission opportunities if agents move from downside score to normal & from normal to upside.
To ensure agents are more excited and ready to go the extra mile, GrayMatter has developed KPI’s calculator to set the target & calculate commission. This innovative tool will help the agent to plan their commission for the next quarter. Once the commission target is set, this calculator will guide the agent on how much they need to do under each KPI to achieve the goal. Moreover; agent will also have option to reset & modify their goals under each KPI. This KPI calculator has the ability to
- Set the commission target
- Set the performance target for each KPI
- Save the target sheet to review in the future
- Modify the target in next qtr based on previous qtr achievements
Technologically, the Balanced Scorecard solution is built on industry standard BI Platform. Considering balanced scorecard KPI’s may go thro many changes in the future, the rule engine have to be designed in such a way that it can calculate commission at runtime.
Key highlights of platform technical capability are as follows:
- Data Security at all level
- Rule based score carding (engine to compute at runtime)
- As is data view
- Audit trail & compliance
- Data Security
- Export option
- Score computation model
- Single sign-on