Channel Compensation System

Channel Compensation – Our Channel Compensation System helps rapid introduction of new channels, configurable business rules to manage the rapidly changing business environment, customizable compensation to attract, retain and reward your producers

Insurance providers in the Compensation Management realm face the following key concerns:

High Time and Effort to introduce new channels: Existing applications do not support new channels. High turnaround time for customization of existing and developing applications.
Disparate Channel Compensation systems: Existing systems are disconnected from one another. This makes it difficult to access vital information and provide consolidated view to distribution partners.
The cost of maintaining varied platforms and systems is very high.
High time to market: High turnaround time to implement new business rules, due to low flexibility. Changes have to be implemented in multiple applications, which also create delays.
Lack of Ability to launch innovative contests to improve business: Inflexible systems prevent innovative contest and campaign launches, which are critical to producers' motivation.
Problems in systems integration: Multiple interfaces between systems reduce performance as most of the interfaces are point to point.
Acquisition and Retention of Channel Partners: In many cases, the timely and accurate processing of commissions is not guaranteed. This may lead to producer dissatisfaction. Current systems limit the ability to pro-actively disseminate information that would improve channel and customer service. The ability to customize commission and incentive rules at producers / partner level is not available.
Effective monitoring of Channel and Producer performance: The operational "plain vanilla" reports lack depth. The channel managers are not able to compare performance across Channels and Partners. Multiple criteria, such as new business and persistency, cannot be taken into account.

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