A Changing Market Makes Incentive Compensation a Strategic Tool.Carriers Need to Implement the Right Incentive Compensation Management Solution to Stay on Top, Says MajescoMastek EDISON, N.J. -- The processing of commissions and incentive based compensation is no longer an administrative back office function. A distribution strategy today focuses on attracting, retaining and growing producers, and keeping the channels motivated to get maximum efficiency from them. As a result, incentive compensation has become a key aspect of the distribution strategy today, says MajescoMastek. Incentive compensation management is now a strategic tool that impacts an organization's competitiveness. It's viewed as an instrument to manage distribution growth and effectiveness, and to measure and reward distributors. The distribution landscape has undergone dramatic changes in the past few years. The era of captive agents is over - today, independent agents and financial institutions dominate the landscape. The distribution network is the heart of a carrier's business, and is a key factor to their success, and insurers are competing among themselves to attract and retain top agents/partners. This means that carriers are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a flexible incentive compensation management solution that will help them best incentivize in·cen·tiv·ize tr.v. in·cen·tiv·ized, in·cen·tiv·iz·ing, in·cen·tiv·iz·es To offer incentives or an incentive to; motivate: their producers. Most currently implemented systems (in-house and commercial off-the-shelf Commercial off-the-shelf (COTS) is a term for software or hardware, generally technology or computer products, that are ready-made and available for sale, lease, or license to the general public. (COTS)) cannot fully handle the changing market's demands, the company says. "A solution that cannot support these expectations, apart from being unsuccessful at serving a company's need, will impede its growth. Insurance carriers need to elevate their incentive compensation solution to the strategic level to compete," said Vijay Chavan, worldwide head, insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. vertical, MajescoMastek. MajescoMastek's Elixir elixir /elix·ir/ (e-lik´ser) a clear, sweetened, alcohol-containing, usually hydroalcoholic liquid containing flavoring substances and sometimes active medicinal ingredients. e·lix·ir n. Incentive Compensation Management solution has been designed to support these needs of carriers. MajescoMastek will showcase Elixir Incentive Compensation Management at several upcoming industry trade shows this month, including the LIMRA LIMRA Life Insurance and Market Research Association (now LIMRA International, Inc.) 2007 Distribution Conference and NAVA NAVA National Association for the Visual Arts NAVA National Association for Variable Annuities NAVA Navajo National Monument (US National Park Service) NAVA North American Vexillological Association Marketing Conference. Among the features of Elixir Incentive Compensation Management solution's functionality are: * Unlimited and re-useable hierarchies make possible multi-product, multi-company, multi-channel compatibility * Fast track commission transfers of contracts, riders or assets within hierarchies * Flexible payment method, frequency and immediate payment, based on dynamic business demands and producer preferences facilitated * Accelerated producer mass movement and reassignment * Concurrent producer campaigns and contest management are supported * Shortened batch processing (1) Performing a particular operation automatically on a group of files all at once rather than manually opening, editing and saving one file at a time. For example, graphics software that converts a selection of images from one format to another would be a batch processing utility. window through continuous processing About MajescoMastek MajescoMastek is the U.S. Company of Mastek, a $156 Million global technology solutions provider. MajescoMastek offers insurance carriers Elixir, the only SOA-based enterprise platform for life and annuity carriers. Elixir's components include new business and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , point of sale, channel portal, channel compensation, policy administration and claims management. Eight of the top 20 global life and annuity carriers work with MajescoMastek. Visit www.majescomastek.com/channel-compensation.php for details. |
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