Carriers, does any of this sound familiar?
Running a successful compensation program is often easier said than done. Have you experienced any of these challenges? Click below to learn more.
Being unable to add/update compensation programs to match channel demands.
Absolutely
Producer compensation and performance information being spread across multiple systems.
Been there!
Agents calling constantly with compensation questions.
Definitely
Too much time spent by staff pulling data from disparate systems and fixing errors.
Yes, that's us
65 hrs
One carrier found their commission processing time went from 65 hours per month to just 6 hours
Carriers have seen a 1% increase in sales by optimizing commission programs and products
Need: Specialized incentive
and commission programs
Marketing needs programs that drive agents to write more profitable business
Current Process
Existing programs are expensive and time-consuming to maintain. New incentive programs are difficult to roll out. Manually managed programs like spreadsheets lead to errors, scale limitations, and security concerns.
Solution: A system that offers
  • Scalable structures, templates, and payees
  • Flexible and innovative commission programs
  • Integration with enrollment and billing
$500k
One carrier found that cleaner data led to a $500,000 savings over six months
Need: A centralized, single version of producer data
Your stakeholders need accurate data to make business decisions.
Current Process
Data is in disparate systems and out of date. Often, data doesn’t match and/or contains errors.
Solution: Centralize on a single version of producer data so stakeholders can
  • Save time that would be spent tracking down data in different systems
  • Avoid potentially costly mistakes from mismatched or incorrect data
64%
64% of agents say ease of doing business matters most when it comes to working with carriers

J.D. Power 2019 U.S. Independent Agent Satisfaction Study
Carriers have seen a 1% increase in revenue from improved competitiveness due to better agent experience
Need: Superior service /
self-service to agents
Your agents need to know whether their licenses and continuing education (CE) are in good order. They also want to be paid accurately and on time.
Current Process
Agents must search state websites and call your licensing team for updates and questions. Their compensation statements are confusing, so they call to get detailed breakdowns.
Solution: A system that allows you to
  • Offer self-service tools to agents and reduce service calls
  • Allow agents to manage their own personal licensing and continuing education information
  • Pay agents in an accurate and timely manner, in the method they prefer, with agent access to the compensation details in their account
30%
Carriers have seen a 30% reduction in time and cost of managing a distribution management system with a compensation technology solution
Need: A single version of
compensation data for internal users
Compensation analysts need to spend less time cross-referencing multiple systems.
Current Process
Policy and compensation data is spread across multiple systems. Sales hierarchies are complex.
Solution: Centralize a single version of compensation data that provides
  • A 360-degree view of each agent’s compensation
  • Integration with multiple policy admin systems
The solution:
Compelling Compensation Management
Compensation doesn't have to be a headache. With the right program in place, your company can have:
The ability to easily add new compensation and incentive programs.
A single, unified view of producer compensation and performance information.
A simple agent portal with access to clear statements and payment details.
Business development and marketing teams able to focus on rolling out new incentive programs.
If your company is struggling with one or more of these areas, Sircon Compensation could be the solution.
Sircon Compensation allows carriers to create compelling commission and incentive programs, keep all their compensation data in one place, and reduce the time it takes to administer their compensation.
See how Sircon Compensation can solve your compensation woes today.
Learn more