How‌ ‌Insurance‌ ‌Incentive‌ ‌Commissions‌ ‌Management‌ ‌Software‌ ‌Helps‌ ‌Agents

How‌ ‌Insurance‌ ‌Incentive‌ ‌Commissions‌ ‌Management‌ ‌Software‌ ‌Helps‌ ‌Agents

How‌ ‌Insurance‌ ‌Incentive‌ ‌Commissions‌ ‌Management‌ ‌Software‌ ‌Helps‌ ‌Agents

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Author: Mirza Baig

Insurance carriers are always trying to reduce costs and streamline their business processes, from on-boarding producers through compensation. However, they usually have silos of legacy business applications with multiple databases that increase operating costs.

Complying with the insurance regulatory guidelines for tracking changes, credentials and terminations is crucial, but producer relationships must not be overlooked. After all, they are the sales engine for the carriers. Carriers must therefore empower their producers (agents/brokers) with modern tools that offer industry-specific functionality with a delightful user experience.

Before expecting any loyalty and increased sales from the agents, carriers should serve them well. They should ensure there is an easy and rapid on-boarding process, pay them accurately, and give them insight into their business.

Questions?

CallidusCloud Insurance ICM and SAP Agent Performance Management

CallidusCloud Insurance ICM and SAP Agent Performance Management, or SAP ICM for short, is a cloud-based software that is specific to the insurance industry. It’s part of the SAP Sales Cloud portfolio with C/4HANA customer experience (CX) suite. It’s an ideal solution for insurance companies to manage producers and their incentive compensation efficiently. 

The solution simplifies managing your internal and external producers, policies and their customers. It supports unlimited rules driven hierarchies, compliance tracking and verification, bonus and advance management, a book of business, and many other industry specific functionality.

Let’s look at only 2 of the many aspects of this solution:

  • Producer onboarding process
  • Producer Portal   
CallidusCloud Insurance ICM and SAP Agent Performance Management - Onboarding

The onboarding process, based on a workflow tool, can bring producers into Insurance ICM. It eliminates the old ways of filling out printed forms and mailing them to the carrier, who then again enters the form data into their system manually. 

Even if the carrier offers online forms, those are usually a front-end web forms that are collecting/storing the data that has to be integrated to their legacy systems. This may be done via batch processing (updates done usually once a day), causing delays and potentially inaccurate calculations and reports.  

Onboarding functionality provides the producers to fill in all required fields, automatically check the producer’s credentials, and automatically run background checks. Flexible workflow engine enables various custom requirements such as approvals at different stages of the onboarding process. They can notify the carrier when the on-boarding has been completed so the producer can start selling.

Questions?

CallidusCloud Insurance ICM and SAP Agent Performance Management - Producer Portal

SAP Insurance ICM offers a Producer Portal that provides secure access to commission statements, reports, dashboards, payment and performance history. Once a producer has been onboarded, they can get access to the Producer Portal. 

This portal provides specific views on key producer information based on the same hierarchies used to pay compensation. This ensures that the upstream producers in the hierarchy can see down the hierarchy, while those in downstream positions are limited to view their own information.

Giving such online access available at their fingertips improves producer experience and reduces call center load.    

Final Thoughts

CallidusCloud Insurance ICM can significantly reduce overheads of maintaining disparate systems and manual processes. Designed to meet the unique insurance industry needs, this cloud based modern business application empowers producers with swift onboarding and ongoing self-service features using the Producer Portal.

Insurance companies should re-imagine how they serve their producers. They should move away from old tedious processes and provide producers with an amazing experience to drive growth.

If you want to discuss the right incentive compensation management software for you, reach out to Canidium by clicking the button below, or visiting www.canidium.com/contact.

Learn more about the author, Mirza Baig

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