Maximize Your Distribution Channel with Incentive Compensation for Insurance
With the slowly recovering economy and impending healthcare reform, many insurers are taking a closer look at the way they do business. More insurers are embracing technology as a means to differentiate themselves at a leader in a crowded and competitive marketplace.
Insurers need nimble systems that can help them provide better service, motivate and retain top producers, and provide administrative simplicity. While many insurers still rely on simplistic commissions systems, these goals and more can be met with a sophisticated, insurance-specific Incentive Compensation system.
These systems are flexible enough to accommodate adjustments in the marketplace while delivering crucial capabilities like managing distribution channels, designing commission plans and calculating incentives, commission payouts and bonuses. The primary differentiating factor for insurers with such technology in place is the maximizing of performance of the distribution channel.
The country’s foremost insurers have already begun to adopt Incentive Compensation solutions, and noted analyst firms such as Gartner and Celent have also begun to investigate these solutions and their impact on the insurance industry.