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.
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
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
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
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
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
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)
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
Resources for Insurance
Improving the Producer Experience Starts with a Strong Foundation
Whitepaper
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.
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.
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.
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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