Integrated Incentive Compensation Management for Insurance

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

Gain confidence to solve any sales performance management challenge.

Market conditions, new technologies, changing customer needs and behaviors have all impacted the insurance market across all insurance types. Modernizing compensation programs is essential to a growth strategy. Producers need the ability to sell and renew an organization’s most valuable products driven by total transparency, a flexible and robust incentive plan, and accurate compensation. According to a survey conducted by Willis Towers Watson, incentive design for 2022 could be an area of review by a significant portion of the industry – across all segments and for both annual and long-term programs.

A leading insurance company based out of Ontario, Canada was using a legacy on-premise, custom built, SPM system that no longer fit their needs. They knew they needed to select a new solution, but also recognized that they needed a partner to help them through this process.  One that had all the knowledge necessary to ensure they had a well-planned implementation. They also knew that with a partner, their conversations would not be influenced by the solution’s limitations, and they could select the right tool based on their business rather than letting the solution dictate the configuration. They succeeded by selecting an implementation partner that had years of industry knowledge and expertise as well as deep product knowledge. They identified their goals, took a current state assessment, and planned out their future state, creating a roadmap for how they would implement the new SPM program. Through the careful planning configuration, testing, and documentation, the solution deployment was a success.

How We Help

Often, insurance companies know they have this need, or something very similar, 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 sales performance and incentive 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:

Producer Management & Compliance

Tracking Policies & Premium Details

Crediting & Charge Backs

Reporting & Analytics (for the Producers)

Data Management

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

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

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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)

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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

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Resources for Insurance

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.

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.  OpenSymmetry is a global consulting company specializing in the planning, implementation, and optimization of industry leading technology suppliers of sales performance management solutions.

OpenSymmetry Global Offices