The Business Value of Incentive Compensation Management

The Business Value of Compensation Management in the Insurance Industry
Changes in the insurance industry have generated a real need for effective, efficient, automated commissions and incentive compensation management solutions
Executive Summary
Compensation is a fragmented process fraught with inconsistencies, errors and wasted time for most carriers, Managing General Agents (MGAs), producers and support staff in today’s insurance industry value chain. Establishing accurate, timely payment cycles, securing producer loyalty and verifying legal compliance are impossible without effective tools. Unfortunately, today’s tools usually consist of work-intensive spreadsheets and unwieldy, inflexible legacy systems involving error-prone manual processes.
Only a top-performing, comprehensive, automated commissions and incentive compensation management software solution can efficiently resolve compensation difficulties. Carriers and MGAs choosing not to automate inevitably lose competitive ground to those who do.
Such a solution yields numerous benefits, all of which contribute to profits:

  • Reduction of overhead due to streamlined, efficient internal processes driven by a single, consistent automated system without manual processing requirements.
  • Capability of motivating producers through accurate and timely payments, compelling incentives, effective communication and a 24 x 7 source of online information.
  • Capacity for designing, implementing and evaluating creative incentives and commission structures.
  • Functional ability to target and incentivize specific top producers and launch new products faster.
  • Tools for the identification, analysis and development of business strengths.
  • Support platform containing built-in legal and regulatory compliance tools with comprehensive reporting.

VUE Compensation Management™ software from Computer Solutions and Software International, Inc. (CSSI), delivers these advantages and more. VUE Online, a time-saving compensation management portal, extends productivity-enhancing capabilities to producers.

VUE Software® provides a cohesive, automated solution that streamlines processes, strengthens business relationships and empowers all participants in the value chain. With a VUE Compensation Management solution, internal information technology (IT) and finance resources can focus on critical business functions instead of struggling to manage inefficient processes with tools that do not meet their needs. VUE Compensation Management builds real business worth for the entire distribution channel, particularly carriers and MGAs.