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.
How We Help
OpenSymmetry is an independent advisory with over 18 years of experience helping carriers to optimize distribution/compensation management performance. We offer a full range of services including performance audits of legacy systems, build/buy analysis, RFP and vendor selection, strategy, implementation and managed services.
Often, insurance companies recognize the need to upgrade their capabilities but they are unsure where they should even start. Knowing which solution will help an organization reach its end goal, most efficiently and effectively, takes careful planning and preparation. That’s what makes OpenSymmetry the right partner.
OpenSymmetry is made up of compensation technology experts across all the industry leading SPM solutions available. Since the devil is in the details, it is our goal to help you navigate through this process so that your investment has the highest possible return. We help organizations optimize their sales compensation programs through automation and process.
More specifically, OpenSymmetry will help your organization understand how to leverage software solutions to automate and operationalize some of the more common challenges:
Recruiting and Onboarding
Producer Management & Compliance
Integration with Policy Admin Solutions
Hierarchy Management
Retroactive Processing and Chargebacks
Reporting & Analytics
Producer Education and Training
Producer Portal
In addition to the processes identified above, OpenSymmetry will leverage a holistic approach to ensure you receive the appropriate level of guidance to confidently invest in the appropriate solution and realize the desired return on investment.
Stop searching. We have your answers.
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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.