Overview
Varicent Incentives is the most innovative sales performance management and incentive compensation management solution in the market today. Varicent Incentives allows insurers to create relevant, timely and impactful incentive compensation programs that align to their corporate objectives and help differentiate themselves and their offerings to their producers.
Varicent Incentives is the only compensation platform that provides the flexibility and agility required to address the unique complexities of the insurance industry. Basic commission calculation engines often lack the sophisticated modeling capabilities required by insurance organizations. Whether it is modeling new compensation plans, changes in product mix, distribution channel expansion or realignment and/or unique reporting requirements, Varicent Incentives has been purposely designed to support all of these needs.
Varicent Incentives solution is built on a highly scalable architecture, managing billions of inbound transactions each month while managing customers with over 50,000+ producers. Our 100% SaaS based solution can be deployed in a single tenant or multiple tenant architecture leveraging Amazon Web Services infrastructure for all new customer deployments. Our in-house consulting team of 150+ professionals have hundreds of years of experience implementing compensation solutions. They will work alongside the customer staff to successfully deploy the Varicent solution, no matter how big or complex the project requirements may be. Varicent's in-house customer support team is available 24x7x365 to provide a superior customer experience post go-live.
Varicent maintains technology partnerships with two leading compliance management solution providers. These integrated solutions offer a best of breed approach for insurance organizations to offer an end to end experience for producer onboarding, producer management, compliance management and compensation management to their producer network. The combination of these best of breed solutions offers insurance organizations a unique opportunity to leverage world class compliance and compensation management solutions to differentiate themselves in a highly competitive insurance industry.
Key Features
- Flexible Data Model - Varicent Incentives' data modelis configured to support the unique compensation and reporting requirements of each customer. The solution connects into the customer's source systems (e.g. policy administration systems, HR systems, payroll systems, CRM systems) ensuring that all data required to effectively calculate and report on commissions is imported, connected and prepared for calculation rules and reporting.
- Calculation Engine - Varicent Incentives' calculation engine was designed with flexibility and adaptability in mind. This allows users to create and build compensation plans that meet their specific business requirements. Designed to be used business users, the compensation team can build new plans or reports and run the system without the need for IT resources to be involved.
- Hierarchy Management - Supportsan unlimited number of simple or complex hierarchies. Hierarchies can be managed through data imports from customer source systems or updated manually within the administrator interface. Hierarchies can be effective dated, allowing the system to dynamically adapt to new rollup structures and compensation logic while maintaining historical data and relationships.
- Workflow Management - Workflows can be created to manage business processes from investigation and inquiries to audit, compliance and pay-out approvals.
- Process Lists - Detailed list of actions to be performed within the system to manage common processes. By leveraging Process Lists, administrators are guided through their assigned responsibilities within the solution to ensure that all required activities are completed.
- Inquiry Management - Provides end users and administrators the ability to conduct online collaboration between multiple parties to reduce the need for emails and phone calls to address things such as inquiries about compensation results.
- Reporting & Analytics - Built-in reporting and analysis capabilities allows compensation administrators to design a variety of engaging reports from individual compensation statements to executive summaries. The solution is optimised to design, develop and distribute engaging reports to help drive producer performance and increase transparency across the user base.
Key Benefits
Enhanced Producer Engagement and Satisfaction
Creating a more engaging and and satisfying experience for producers through well-designed compensation programs and online collaboration. By focusing on optimizing producer engagement and satisfaction, leading insurance organizations have increased their ability to attract and retain top producers.
Heightened Transparency and Trust
Build a culture of transparency and trust between insurance organizations and their distribution channels. By fostering clear communication and full traceability, leading insurance organizations have built stronger relationships by increasing the overall trust and commitment with each producer.
Strategic Incentives for Sustainable Success
Varicent Incentives stands out as the only solution purpose built to handle legacy, current and future state business requirements, including workflow processes, hierarchy management and calculation logic. The solutions' unique capabilities allow insurance organization's to strategically leverage compensation programs to address current market conditions with the flexibility to evolve to address future market and consumer requirements.
Streamlined Compliance and Auditability
Ensures adherence to industry standards and regulatory requirements with a system of transparency and auditability.