The insurance industry is changing rapidly with greater competition, innovative products, improved technology and different distribution methods, along with the unique and challenging demands of policyholders. By improving incentive compensation management, and monitoring the specific variables that directly impact performance, insurance companies can ensure that their sales goals are well aligned with their corporate objectives.
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Datasheet: Iconixx for Insurance
1. Incent Perform Grow
The insurance industry is changing rapidly with greater competition, innovative products, improved technology
and different distribution methods, along with the unique and challenging demands of policyholders.
Effective ICM is critical to the success of the carrier, producer, and the rest of the insurance ecosystem. By
improving incentive compensation management, and monitoring the specific variables that directly impact
performance, insurance companies can ensure that their sales goals are well aligned with their corporate
objectives.
Going forward, insurance companies need to tackle a number of systemic issues that challenge effective
incentive compensation management. In particular, they need:
Flexibility,
Accuracy and
Control for the
Insurance Sector
ICONIXX FOR
INSURANCE
INCREASED FLEXIBILITY
Insurance organizations today require flexibility to develop and implement complex compensation plans that align their
needs with those in their distribution channels.
THE ICONIXX DIFFERENCE:
• Application of different rules to specific agents, brokers and other payees
• Calculations at the policy level with summarized payments at the agent, broker or other payee level
• Ability to build draws and guarantees into commission schedules and to change as required
• Reference tags on data to ensure payment is not made on ineligible factors
• Adjustment handling
• Detailed compensation calculations stored in history tables
2. IMPROVED PRODUCER RETENTION & PRODUCTIVITY
When Producers have increased clarity around priorities and results, they are empowered
to focus on the task of driving sales. Unproductive practices like shadow accounting can
keep Producers from choosing to do business with your insurance organization.
INTEGRATION & SCALABILITY
The processing of commissions and bonuses for insurance organizations involves very high
transaction volumes and integration with multiple systems – both internal and external.
Companies need to be able to reduce manual tasks and eliminate keying errors, especially
as they grow.
ENHANCED COMPLIANCE
Insurance organizations operate in a highly regulated environment and are subject to
rigorous audit and compliance standards. Iconixx provides the capability to track user
activities including:
• Changes to calculations
• Changes to tables
• Hierarchy modifications
• Locking of periods
• Adjustments
• Viewing of plan documents
ADAPTABILITY AND OPTIMIZATION
Insurance organizations require modeling capabilities that allow management to forecast
the impact of changes to incentive compensation plans prior to rollout in order to optimize
sales strategies and reduce risk. With Iconixx, organizations can model against real historical
data, and managers can reliably predict the payout amounts and control costs accordingly.
www.iconixx.com3420 Executive Center Drive STE 250 Austin, TX 78731
877-ICONIXX
Features for
Insurance
Companies
• Automate
commission
calculations
• Customized
reporting and
analytics
• Incentive
compensation
modeling and
forecasting
• No dependence on
IT
• Resolve Producer
inquiries and sign-
offs
• Comprehensive
audit log
Business
Benefits
• Maximize sales of
the most profitable
insurance products
• Increase Producer
retention
• Improve accuracy
and eliminate
manual error
• Enhance compliance
and financial controls
THE ICONIXX DIFFERENCE:
• Delivery of statements with details and summaries
• User-generated reports, on demand, in print or electronically
• Sales and managerial sign-off on new plans as well as payouts for live plans
THE ICONIXX DIFFERENCE:
• Automation of data import and the elimination of manual error
• Support for 10,000+ Producers for increased scalability
• Centralized or decentralized administration for improved data management