"Insurance distribution is changing fast, and technology is driving that change," says Sanket Das, Distribution Management Practice Leader at a leading Big 4 Consulting firm. With a Master of Business Administration (MBA) in Actuarial Science and close to 15 years of experience in the Insurance industry, Sanket Das leads efforts to modernize how insurance is sold and managed, thereby improving access for the entire community.
Prior to his current role, Sanket Das led the Distribution Management practice at PricewaterhouseCoopers (PwC), where he established it as a leader in the industry. His work there set the foundation for his impactful initiatives today.
Sanket is transforming the distribution management landscape in the insurance industry by stitching together innovative solutions using complex modelling techniques and AI. His revolutionary methods for calculating and processing agent compensation are set to redefine industry standards and promote fairness across the board.
Sanket is an award-winning leader in this field and is often sought after by Incentive Compensation solution providers for his insights and strategic perspective on product development.
Sanket Das Transforming Insurance with Technology
The insurance industry is gradually moving towards digital solutions, yet many companies still rely on outdated systems. Sanket Das recognizes the urgent need to adopt new technologies and improve distribution channels. He is not just about keeping up; he is about leading the way.
"We're creating new methods to calculate agent commissions and bonuses by using data analytics and AI," Sanket Das explains. "By incorporating elements like social interaction ratings into our calculations, we can ensure that customer experience is valued in determining agent compensation."
Throughout his career, Sanket Das has worked with some of the largest insurance carriers in the U.S., guiding them to adopt strategies that have transformed their operations. According to a recent study done by McKinsey & Company, operational inefficiencies, including errors in commission payouts, can cost insurance companies up to 20% of their total operational expenses. This impacts the overall Insurance value chain and the end customer by making insurance more expensive. Sanket's work immensely benefits the insurance industry and the American working class by removing these additional costs. As one of Sanket's clients, the COO of a Fortune 100 insurance company, reflects, "Sanket's work has helped our company save several million dollars annually in incorrect payments. His leadership in agent compensation is set to transform the industry."
Shaping the Future of Distribution Management in Insurance
By 2030, technology is expected to change how the insurance industry handles distribution significantly. According to a study done by a leading strategy firm, in the next five years, AI is set to take over more than 40% of all agent responsibilities, including selling and servicing policies. The role of the agent is changing as they become more advisors and specialists than salespeople. Given these changing responsibilities, their compensation should reflect the new realities. Sanket's work in incorporating customer interaction scores, social media following, and brand building in agent compensation is set to redefine the paradigm of how agents are paid.
At his current firm, Sanket is committed to not just addressing immediate client needs but driving long-term, strategic change that benefits the insurance industry and its customers. He develops compensation models that fit the industry's current requirements while also anticipating future demands. By eliminating redundancies and ensuring that compensation solutions can grow with the business, he lays the groundwork for sustainable progress.
"Change isn't easy, but it's necessary," Sanket Das reflects. "Adopting new techniques in incentive compensation management allow us to disrupt the industry while keeping in mind the needs of the end customer."
Leading the Transformation of Insurance Distribution
Sanket Das is a strong advocate for modernizing insurance distribution to create a more equitable landscape. He builds cutting-edge insurance solutions that make it easier for companies and their end customers to embrace new technologies. His unique blend of actuarial knowledge and technical expertise positions him as a pivotal figure in the industry.
"The insurance industry has the potential to evolve and better serve its customers," Sanket Das notes. "By embracing technology, we can create an industry that is more responsive, efficient, and inclusive."
The insurance industry is changing rapidly, and Sanket Das is leading that transformation. With his deep expertise and commitment to social impact, he is not just shaping the industry today—he is actively building a future that meets the needs of tomorrow's customers.
