Producer Management & Compensation - Equisoft
Title
10.08.2017 to 22.08.2017
at P3

Producer Management
& Compensation

This configurable and feature-rich system manages complex producer hierarchies and comprehensive compensation calculations using Oracle’s Insurance Policy Administration rules engine.

Available as a separate module or part of a full policy administration solution,
in the cloud or on the premises.

A flexible platform to optimize distribution management

Save time, boost performance and optimize your Oracle policy admin system with the Producer Management and Compensation (PMC) sales tool, a rulesbased agent management and commissions configuration template that seamlessly integrates with other Oracle Insurance Policy Administration for Life and Annuity (OIPA) modules.

A robust solution, PMC is entirely developed and supported by Equisoft, who has successfully implemented the PMC module in several countries. Equisoft combines deep insurance expertise and innovative technology to drive down the cost of implementation and reduce the risk of converting from legacy systems to the OIPA platform. 

Read more on Equisoft’s extensive expertise with OIPA integration.

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Do more with Equisoft PMC

Equisoft PMC simplifies, enhances and centralizes the administration of complex producer hierarchies and comprehensive compensation calculations using data from multiple back-end systems.

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Key benefits for your business

 

Upgrade performance tracking Manage commission rate changes across multiple systems.

Retain top producers with faster commission payments.

Improve product profitability Dynamically stream data from multiple policy systems to create aggregate views of producer production and product performance.

Provide timely financial details and more accurate commission administration.

Ensure comprehensive commission expense reporting (product performance and profitability).

Optimize business processes and distribution management Simplify and enhance critical operations.

Streamline internal processes (decrease/manage costs, improve speed-to-market).

Create producer contracts, hierarchy and commission structures in a single system, thus eliminating redundant system entry and risk of error.

Increase business workflow through consolidated processes.

Personalize dashboards and inquiry screens for different roles in the organization.

Implement automated accounting for full details of commission activity.

Enhance producer contract administration Enter and maintain individual producer contract information in different systems.

Promote total transparency (producer performance and revenue growth).

Create innovative compensation plans Attract and retain producers by developing unique compensation plans.

Create innovative reward schemes (awards, contests, bonus campaigns, etc.) based on user-defined metrics and variables.

Customize advances, business support plans and payment schedules.

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Value-added features
  • Manages any type of insurance compensation
  • Supports all lines of business, including flexible premium and investment
  • Open architecture, single platform, modern rules-based solution
  • Easily integrates with a carrier’s ecosystem
  • Centralized compensation management
  • Configurable rules and intuitive wizards
  • Drag’n’drop editing for adding new fields to a screen or activity
  • Integration with multiple back-end systems for a ‘many to one’ single system of record
  • Deployed on premises (Oracle, SQL Server and DB2 databases) or in the cloud
  • Secured data and technology
  • Multilingual: English, Spanish and French out-of-the-box user interfaces and reporting
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Fully configurable functionalities

Event-based transactions that keep track of all activities, both financial and non-financial, related to each policy.

Garnishment, including rules for priority, pro-rate method, start/end or recurring period of time, as well as automated internal and external communications in connection with this activity.

Debit balance management processing activities, fully supported at the agent/producer level, can be configured to pay off debits on one agent contract from another contract (or level in the hierarchy).

Advance commission and calculation of annualized commissions can be driven by any criteria, tracked at the policy level and tied to the agent along with the earned amount. Updated monthly until it equals the amount advanced.

Holdbacks can be processed at the agent or producer level, on a schedule based on statement frequency, while all of the policy level commissions are aggregated for the period.

Vesting (and non-vesting) rules can vary according to any defined criteria and can be paid to any hierarchy.

Chart of accounts to perform general transaction-level accounting based on conditions and criteria, including first year versus renewal commission, advanced and earned commission amounts, etc.

Flexible rate tables to administer various rules for minimum/maximum rate calculations, tiered production threshold, non-commission payments and split commission contracts.

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Flexible pricing and licensing

The Equisoft Producer Management and Compensation module features low cost of ownership and flexible pricing options, allowing insurers to select their optimum model.

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EQUISOFT PRODUCER TEMPLATE

Equisoft’s configurable and feature-rich system manages complex producer hierarchies and comprehensive compensation calculations using the Oracle Insurance Policy Administration (OIPA) rules engine.

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