The Impact of Incentive Compensation Management on Insurers
Improving sales performance is a primary focus of insurers today. Sales performance management plays a significant role in increasing revenue, decreasing costs and improving predictability. Streamlining the company processes with Incentive Compensation Management (ICM) enable insurers to increase their overall potential and bolster the company’s bottom line.
Increase in Revenue
ICM helps to seamlessly weave producers’ goals with company objectives. Agents get the advantage of quickly adapting to rapidly changing market trends and exposure to the influence of their efforts on the company’s bottom line. Business-critical strategies become run-of-the-mill as reps stay updated on the carrier’s plans at all times, enabling them to be more productive — and increase the revenue of the company.
An automated compensation management solution not only collects all data in one location, but also eliminates a vast number of manual steps in the payment process. No tedious spreadsheet calculations are needed. Calculating commissions, adjusting for retroactivity and advances, integrating data with the accounting system and printing checks become easy saving lot of time, effort and money.
Consolidation of commission payments within one system within a defined set of parameters means processing is consistent and predictable. Easy-to-access information for agents and predictability improves trust in the company.
The operational flexibility with ICM ensures that each member contributes directly towards improving business, rather than on unwanted and redundant activities. This proactive transformation of in-house process assists in boosting producer loyalty and retention as well.
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