Incentive Management System for Life and Health Insurance
InsFocus Systems, a leading provider of data-warehousing and business-intelligence software for insurance companies, has expanded into the life-health insurance domain with a new product – Incentive Management System (IMS) for sales representatives and agents. IMS automates the calculation and administration of sales representatives’ and agents’ incentives in life and health insurance. This reduces manual workloads, supports complexity, and improves the accuracy of calculations, including the recovery of compensation on cancelled policies.
What does IMS do?
IMS automates the calculation of sales incentives with support for complex formulas that change over time. The system connects to the company’s Life/Health core systems to extract the required sales information, performs step-by-step calculations dictated by the company’s incentive plans, stores the results and feeds them to payment systems. It also supports after-sales monitoring of the policies so that incentives paid to producers are recouped in case of policy cancellation within the period prescribed by the company. IMS also provides full transparency of the calculations, both to the sales-representatives and to the company’s management, reducing potential friction and enhancing the sales-persons’ performance.
How does IMS work?
This new product is essentially a workflow management module and a parametric calculation mechanism that are both an extension of existing InsFocus mechanisms. It manages the business processes in a modular way, enabling the flexibility required to accommodate future changes to the way the company manages their incentive programs. Calculations are carried out step-by-step storing intermediate results, thus supporting complex procedures at different granularities. InsFocus’ BI capabilities can be used to analyze the levels of incentives paid out in relation to sales made, and adjust incentive plans based on their effectiveness. All calculations and analysis are enterprise-ready down to the specific workflow item and dimension level.
This product was developed to address the specific needs of one of InsFocus’ long-term clients, and is designed to be highly customizable to suit the needs of any Life/Health insurance company seeking to automate their incentives program.