Integrated Incentive Compensation Management for Insurance

Run an effective ICM program that meets short-term and long-term needs.

Gain confidence to solve any distribution management challenge.

A sound insurance distribution management strategy encompasses a wide range of core functional requirements that goes beyond other industries. Baseline requirements include producer onboarding, ongoing compliance validation, commission and performance-based payouts, hierarchy management and producer communication/education.  The underlying products supporting these requirements must function seamlessly to deliver a friction-free, transparent producer experience that instills confidence and drives loyalty. 

Looking back as recently the early 2000’s, distribution management would not have been described as friction-free.  Fax-based onboarding was the norm and compensation focus was limited to producing timely and accurate payments. Advances in technology have changed the game, producers expect a simplified, paperless onboarding experience, portal-based delivery of concise statements/reports and complete transparency on key performance metrics (persistency, growth, new/renewal premium contribution…) and payouts. Additionally, carriers have recognized the importance of increasing producer service levels while also focusing on innovation and strategic plan design, goals that will be very challenging to align without the right technology partners. To summarize, producer expectations are higher than ever, and carriers must choregraph a complex landscape of solutions and vendors to continually improve the producer experience.

Technologies We Implement and Support

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Varicent ICM & AgentSync

Varicent ICM is an all-industry incentive compensation solution with a proven track record in insurance.  Varicent’s flexible data model, advanced tools and integrated workflow engine provides virtually unlimited flexibility in plan design, producer/hierarchy management and reporting and analytics.  Varicent’s core platform includes the full administration suite, as well as producer facing portal that delivers clear and concise views of producer payments, analytics and overall performance.

Varicent’s partnership with AgentSync further enhances their position in insurance by providing a fully integrated onboarding and distribution channel management platform. Through integration and daily syncs with NIPR, the AgentSync partnership delivers a complete, compliant and fully integrated producer management module.

Varicent also offers additional components which add value to their ICM solution including revenue intelligence/forecasting, sales planning and a powerful integration toolset.

Learn More →

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SAP APME / Agent Connection

APME is SAP’s flagship platform for incentive compensation in the insurance market. APME is purpose built for insurance and incorporates producer onboarding, producer management and incentive compensation in one integrated solution. APME’s insurance focused data model provides very flexible out of the box configuration tools for plan design, producer and hierarchy management (and much more) while also delivering very strong retroactive processing capabilities.

SAP also offers additional components that add value to the platform including AgentConnection (producer portal and integration gateway), SAP Analytics Cloud and BTP (Business Technology Platform).

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Unique Complexities of the Financial Services Industry

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Collect

  • Multiple Source Systems
  • High Volume
  • Cleanliness/Accuracy
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Credit

  • Complex Hierarchical Distribution
  • Multi-faceted Metrics
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Calculate

  • Policy/Holder Age Based Calcs
  • High Frequency of Retro Adjustments
  • Hierarchical Calc Logic
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Compensate

  • Earned/Unearned
  • Aggregate/Policy Based Max Advance
  • Automated Debt Collection Logi
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Communicate

  • Producer Mindshare
  • Clarity/Transparency at Volume
  • Workflow
  • Self Service

How Do We Help

OpenSymmetry’s specialized insurance practice utilizes a foundational insurance data model that is
customizable to meet the specific needs of clients. This foundational model enhances project efficiency,
facilitates critical features, and enables optimized, granular reporting.

Our model merges the critical components of producer, policy, and compensation data to deliver a
complete insurance solution supporting transactional and summary level compensation.

PRODUCER DATA
Optimized to support complex hierarchies, performance metrics, and compliance.
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POLICY DATA
Key policy attributes supporting policy driven compensation and performance logic.
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COMPENSATION DATA
Rich data set of producer, policy, and compensation results.

Clients From Around the Globe

“Sunrun maximized the value of our incentive compensation system, and we were able to increase overall sales volume of solar panels and batteries. We’re now able to better serve both our employees and our customers. The efficiencies generated from this new ICM system have led to an increase in deployment of solar across the United States.”

ROBERT YEAGER
Director of Compensation, Sunrun

 

Clients From Around the Globe

“OpenSymmetry rose to the challenge of creating a roadmap for an efficient, centralized ICM system for us. We started off with over 100 incentive plans throughout the bank in different lines of business, meaning the incentive administration was decentralized. With the help of OpenSymmetry, we have improved efficiencies by streamlining our incentive compensation administration to a single system.”

Kimberly Hinrichsen
VP & Sr. Director of Incentive Admin, U.S. Bank

Us Bank Logo

 

Clients From Around the Globe

“After working [with OpenSymmetry], my whole world changed. From working with a huge, onerous spreadsheet system, it’s gotten simpler. It’s changed the game for everyone in the company. We have improved timelines for making information available for reps. It shifted my perspective to dig deeper into the data.”

Courtney Aubin,
Senior Sales Commissions Analyst, Blackbaud

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Clients From Around the Globe

“Working with OpenSymmetry, we experienced openness, flexibility, and total commitment to our success from UK team. I was surprised that instead of coming up with solutions to fix our problems only, they were always looking for ways to simplify, streamline, and improve our processes in the same time. Due to that kind of commitment, we went from having over 100 configuration rules to just 27.”

Petra Maurova
Sales Rewards, SITA

Sita Logo

 

 

Clients From Around the Globe

“OpenSymmetry helped us to evaluate our ICM program in a new light. Their technical and business expertise allowed us to understand the details of how changes would impact our system and processes. This enabled us to implement changes that would have the biggest impact on our business.”

Sales Operations Manager
Wacker Neuson

Wacker Neuron

 

 

Clients From Around the Globe

“OpenSymmetry’s culture was a really good fit with T-Mobile. They were very open-minded and spent as much time listening and collaborating with us as they did telling us what needed to be done. That type of humility with such solid knowledge and capability was a perfect match for us.”

Clayton Tredway
Director Customer Care, T-Mobile

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Clients From Around the Globe

“OpenSymmetry helped automate our data feeds and update our configuration of Xactly Incent, and these improvements helped us save approximately 7,200 hours per year by eliminating manual calculations, minimizing adjustments, and building trust in the data to reduce shadow accounting. When we got this working right, we reduced what took days to 3.5 hours. Time savings have been so key for us.”

Justin Ritchie
Senior Director of Sales Operations, Manheim (subsidiary of Cox Enterprises)

Manheim Cox Enterprises Logo

 

 

Clients From Around the Globe

“Working with OpenSymmetry, we have implemented a formal, auditable, trackable sign-off process for the payouts. It’s made a huge improvement. No more paper. Information is at associates’ fingertips 24/7. Managers can view sales results and compensation results for their teams, which leads to more effective and efficient management. The availability of information has made a huge difference.”

Jennifer Wooster
Vice President – Group Actuarial and Compensation Officer, Ameritas

Ameritas Logo

 

 

Resources for Insurance

The Challenge of Legacy Platforms for Distribution Management
and Incentive Compensation in Insurance

Blog

 

Older legacy platforms pose various challenges for carriers and create barriers to adapting to competitive pressures, supporting strategic compensation, and improving the producer experience.
Read Now

Status Quo Must Go
The Revenue Centric Business Case

Blog

 

Carriers regularly cite lack of budget as a reason for being unable to improve or replace their distribution management and incentive compensation platforms, but there is an argument to be made that carriers can’t afford not to improve or replace under performing platforms.

Read Now

Business Case Simplified: Producer Lifecycle Management (PLCM)

Blog

OpenSymmetry combines a deep understanding of the vendor market with insurance expertise and is uniquely qualified to help carriers jump start the process of developing a simplified business case and taking a high-level look at the vendor market.

Read Now

Improving the Producer Experience Starts with a Strong Foundation

Whitepaper

This paper highlights key features of an insurance platform and building a business case for investment in an insurance compensation platform.
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Insurance: Agent Performance | OS & SAP

Data Sheet

OpenSymmetry and SAP bring together the best of SPM technology and consulting services to deliver transformative sales performance solutions.

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Tech Considerations for the Insurance Industry

Whitepaper

We highlight 5 challenges to sales incentive compensation in the insurance industry, and offer insights into how SPM solutions can help address those challenges, and more.

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Sales Performance Management Implementation

Case Study

Through comprehensive planning, configuration, testing, and documentation, the deployment of The Co-operators’ new SPM technology was a success.

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OpenSymmetry Global Offices

About Us

OpenSymmetry enables clients to achieve greater operational efficiency and get better sales results. We are a global consulting company specializing in the planning, implementation, and optimization of industry leading technology suppliers of sales performance management solutions.

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