Performance Management Software for the Insurance Sector How we create bespoke People and Performance Processes for Insurance Companies
Appraisd helps over 6,000 people in the insurance industry meet their career goals and those of their companies. Find out how we support award-winning global insurance companies with employee performance management.
Invented by Roly, Onboarded by Richard and Owned by Kate
Kate Peacock, HR Director at Texel, a political risk and credit risk insurance broker, talks about implementing Appraisd
Why insurance companies choose Appraisd for performance management
Leading insurance businesses choose Appraisd’s performance management software that supports FCA compliance plus employee performance, progression and organisational alignment.
Regulatory compliance
Incorporate Senior Managers and Certification Regime (SM&CR) self-declarations into performance management with customised questionnaires and reporting to meet FCA requirements.
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Prepare for audit
Keep track of all reviews, ratings, calibrations and (SM&CR) self-declarations in one place. Export reports ahead of annual reviews or internal and external audits.
Record ratings and calibration
Collate feedback and ratings to feed into calibration meetings. Inform and demonstrate a fair, equitable and evidence-based approach to both ratings and calibration.
Customised reporting
Set goals, recognise employees who live your values, keep track of manager 1:1s, set dates for performance reviews; then export reports for any performance metrics you set.
Top-level security
Appraisd protects your data with the latest technology and security certifications. We are ISO 27001:2017 certified, GDPR compliant and accessed via secure Single Sign-on (SSO).
Grow performance management with your business
Appraisd fits your organisation’s performance management process, not the other way round. Use Appraisd for your current process and work with your named Customer Success Manager to evolve it over time.
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Client story: ARAG
Appraisd helped insurance company, ARAG, reenergise performance management resulting in high uptake and ongoing engagement.
But don’t just take our word for it
We can use Appraisd pretty much out of the box. We add our own job descriptions and objectives including target-driven, regulatory-driven and development-driven objectives depending on the role. Using Appraisd we can apply objectives across multiple people or teams, for example, all senior team members will have to meet certain regulatory objectives.
I liked Appraisd because it’s intuitive and it can be tailored and it’s worked from that perspective. It does what we ask it to do - it allows employees to create their own objectives and prepare for a review. That was the light touch approach that I wanted.
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Appraisd has shown to be very responsive and flexible in providing tailor made solutions to improve our performance management system. Its intuitive and innovative technology has been quickly embraced by our staff and we are confident that it will deliver long term sustainable benefits throughout the organisation.
More than 6000 insurance industry employees already use Appraisd
- Appraisd supports one of the largest vehicle insurance brokers in the USA
- Companies including leading independent Lloyd’s of London brokers choose Appraisd
- Usage by our insurance customers is rated 7.8/10 based on employee log-ins and engagement with Appraisd
Frequently asked questions about performance management in insurance organisations
How can employee performance reviews support compliance with Financial Conduct Authority (FCA) regulations?
Reviews can be used to track and record an employee’s adherence to required standards, conduct, and ethical practices. As an example, review conversations can be used to check whether employees are following risk management procedures, to promote accountability and identify training needs. Compliance with regulations, including the Senior Managers and Certification Regime (SM&CR), requirements can be tracked within Appraisd, helping to foster transparency and integrity within a business.
What should be included in an employee performance review in the insurance sector?
While every organisation is different, the review should include an evaluation of core competencies which might include compliance with industry regulations (such as FCA guidelines), customer service, client retention or handling claims depending on the role. Soft skills, such as teamwork, communication, and problem-solving could also be included. Within the insurance sector reviews often include a review of ethical conduct and continuous professional development (CPD). Lastly, a review should provide constructive feedback and identify areas for training and development.
Should performance reviews be tied to compensation?
In the insurance sector, tying performance reviews to reward decisions can incentivise employees to meet business goals, improve customer service or meet key performance metrics. However, this needs to be done carefully so as not to compromise factors such as ethical conduct, regulatory compliance and risk management. If performance is tied to reward, fairness, transparency and risk-taking must be taken into consideration to avoid fostering short-term thinking or unethical behaviour, which could undermine compliance.
About Appraisd
Appraisd is performance management software for humans, made by humans. We already support thousands of employees in the insurance sector and we’d love to talk to you. Appraisd is process-agnostic, meaning we don’t ask our customers to fit our process, because Appraisd fits around your needs. Plus, we can support your current process even if you know it needs to be updated - and your named Customer Success Manager can help with that change.
