Bold Penguin Success Story
Bold Penguin decreased commission discrepancies by 80%
As the world’s largest commercial insurance terminal, Bold Penguin realized traditional spreadsheets couldn’t keep up with their growing team and increasingly intricate comp plans. Bold Penguin quickly implemented Spiff to streamline their commission process and cut down on manual tasks. They also achieved a 90% adoption rate across their sales team within three months of onboarding. The clear, simplified commission process also meant a drop in inquiries and discrepancies for Bold Penguin’s payroll team.
- Decreased time spent on commissions from 10 hours per pay cycle to less than 2 hours per pay cycle
- Decreased inquires and discrepancies by 80%
- Achieved a 90% adoption rate for sales team commission approvals without prompting each month
Spreadsheets were no longer a viable solution for Bold Penguin’s growing team.
Bold Penguin’s CFO Dan Gifford knew it was time to move on from spreadsheets. As the organization expanded, his team was spending 8-10 hours each pay cycle manually processing commissions, reviewing for accuracy, and handling questions and disputes from reps, who struggled to make sense of their compensation.
Gifford decided to overhaul Bold Penguin’s entire commission process to ensure efficiency, accuracy, and transparency— while saving his team invaluable hours in the process.
Bold Penguin replaced spreadsheets with Spiff, a streamlined, cloud based transparent alternative, to mitigate manual tasks and keep their growing team in the loop.
Bold Penguin rapidly implemented Spiff’s commission software with the assistance of Spiff’s implementation team. Gifford was extremely involved in the process, which he described as “a mutual love affair” as the teams collaborated to ensure the solution was built properly. The two teams had the first iteration up and running quickly, despite the complexities in Bold Penguin’s comp plans. “We were more complex than I thought we were,” said Gifford. “Your plans are always more complex when you put it down on paper. But Spiff helped us make sense of it all in terms of how to build out the plans in Spiff and decrease the chance for manual errors in the process.”
With self-management a priority from day one, Gifford and his team can now easily jump into the platform and tweak plans or customize statements for their reps. As Bold Penguin’s growth accelerates, the ability to independently update plans or teams is a major advantage. However, the Spiff team is always on standby for additional support when Bold Penguin finds themselves requiring a major change or a brand new commission plan.
“I’ve had a lot of vendor relationships during my career. The approach and professionalism from the Spiff team is amazing. This is one of the best vendor relationships I’ve ever had. Their willingness to collaborate and their can-do attitude does not go unnoticed. Having people like that on your front line is invaluable. It’s like having a lifeline,” said Gifford.
Ultimately, my team’s objective is to pay our sales reps and pay them accurately and Spiff has allowed us to make this a more transparent process opposed to what we were doing in spreadsheets.
Bold Penguin’s team is no longer bogged down with manual commission management and reps can see and understand how their commission plans work on a transactional level.
Bold Penguin used Spiff to boost efficiency and reduce time spent on commission management from ten hours per pay cycle to less than two hours.
Bold Penguin also established Spiff as a single source of truth for their reps, who can now view expected earnings in real-time, rather than decoding complicated spreadsheets. This not only enables reps to direct their focus back to revenue-generating activities, but also to raise questions as they come up, rather than offloading at the end of the pay cycle. Bold Penguin has already achieved a 90% sales rep participation rate with Spiff.
“Ultimately, my team’s objective is to pay our sales reps and pay them accurately and Spiff has allowed us to make this a more transparent process opposed to what we were doing in spreadsheets,” according to Gifford.
About Bold Penguin
Bold Penguin, founded in 2016, provides the world’s largest commercial insurance terminal, connecting thousands of independent agents with the country’s top carriers and specialty insurers. With a heavy focus on agents, Bold Penguin upgrades the user experience for businesses, creates an easy tool for agents, and offers a streamlined process of underwriting for carriers. Visit www.boldpenguin.com to learn more.
Size of Sales Team