Fincons Group, aware of the challenges within the insurance sector, set out to create a solution to address these issues and easily adapt to any future ones: AMPPER.
Navigating partner management in the insurance sector
Aside from ever changing regulations, last-minute incentive plans and loyalty programs, the insurance sector faces some important challenges around sales partner performance management. One example is the lack of conformity when it comes to incentive and compensation rules that are typically managed across different platforms and custom applications (i.e. excel spreadsheets and macros) within the company.
Another is the fact that these platforms and custom applications are not easily integrated with each other and with other sector solutions, impeding the automation of the data retrieving process with the risk of introducing computational errors. There’s also a general lack of flexibility when it comes to setting up or changing rules, making it difficult for business users to adapt to new plans or incentive programs without engaging IT.
In addition, companies operating in the insurance sector often rely on the sales support of various professionals, such as agents, sub-agents, brokers, aggregators and in-house specialists. Managing these professionals’ payments can be difficult, as they are compensated through commissions at the time of sale, as well as after the renewal of a policy, and through incentives for reaching pre-established targets.
In this complex environment, Fincons Group developed AMPPER, the perfect ally to support insurance companies in efficiently managing all incentive compensation processes.
AMPPER: your insurance ally
AMPPER is an innovative solution for sales and business partner performance evaluation, that uses a tailored, flexible and fast methodology developed specifically to respond and adapt to different business requirements and application processes. Its highly configurable core modules are able to calculate and manage agent, broker, aggregator, advisor and intermediary performance.
This complete, flexible solution, specifically designed for business users, allows anyone to create and manage new incentive compensation plans in a very short time without any ICT skills, reducing time to market and opex costs.
Commission, incentive and discount management has never been so easy
In AMPPER commissions are defined and regulated via mandate agreements and are usually divided in purchase and collection commissions, that can be paid separately or together.
Purchase commissions are calculated at the time of subscription or renewal, and can be recurring, if applied to multi-year or annual policies, or settled in pre-payment in case of one-off or temporary policies. On the other hand, collection commissions are awarded at each collection as compensation for administrative costs.
AMPPER also enables the calculation and the management of incentives for sales professionals, which represent an additional form of remuneration to commissions and are awarded based on the achievement of objectives. In the insurance sector, where a large number of agents and sub-agents need to be processed, AMPPER helps calculations become easy and intuitive. Calculations are in fact defined and regulated via specific agreements and potentially applied to all partners, on the basis of common criteria. These may be determined by national incentive plans, custom incentive plans, sales tenders, or MBOs (Management by Objectives).
In addition, AMPPER supports insurance companies in granting and negotiating discounts that play an important role in placing insurance products. Discounts can be autonomous, i.e. pre-authorized and applied autonomously within predefined thresholds, custom, i.e. reserved for specific national or local agreements, as well as associated with sales campaigns or marketing initiatives and with portfolio transfers, reserved for agencies that change their mandate to facilitate portfolio maintenance.
AMPPER’s key features and benefits
AMPPER boasts a user-friendly interface to create and edit rules, that does not require IT skills, an easy-to-access partner portal for a self-service scenario, a continuously improved UX, and an innovative product roadmap focused on high performance management. Implementing AMPPER for the Insurance market not only allows companies to reduce time-to-market for compensation processes and reduce opex in both business and ICT processes, but also helps promote sales partner engagement and transparency.
The adaptive, disruptive and convenient tool developed for your insurance business
Fincons Group’s AMPPER is suitable for any insurance incentive compensation scenario and process thanks to its multilingual, multi-country, multi-currency and multi-company features, and is available both as SaaS and on-premises.
This trendsetter product has already been chosen by more than 30 companies for the unprecedented user autonomy offered, the innovative product roadmap and its self-service approach, not to mention opex and time-to-market reductions, UX improvements and the fact that it requires limited system integration.