Read this case study about how this household-name insurer used EIS for successful projects in two different lines of business, and in very different regions and countries.
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Compensation Manager
Better compensation oversight, improved broker & agent satisfaction
For brokers and agents, compensation clarity from an insurer is key.
The Compensation Manager platform enhancement for EIS OneSuite™ addresses these needs with its comprehensiveness, flexibility, and ease of use for both carriers and producers.
Why Compensation Manager?
Brokers, captive agents, and other producers aren’t just middlemen. They’re vital to optimal insurance distribution, and carriers can’t take a one-size-fits-all approach to managing them.
Without comprehensive oversight of (and insight into) distribution networks — plus flexible and reliable compensation operations — insurers won’t be able to maintain strong relationships with their producers. Without them, they’ll risk losing distribution ground to their competition who are providing an easier time for producers.
Backed by the seamless integration capabilities and data fluidity of EIS OneSuite, Compensation Manager helps carriers benefit everyone involved.
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Wide-Ranging Compensation Plan Management
Your producers deserve more than cookie-cutter commissions. With EIS Compensation Manager, you can:
- Design customized compensation plans for any product, season, or region.
- Offer heaped, level, or graded commissions — or even split complex multi-producer payments.
- Incentivize with precision, whether for volume, geography, or a niche market.
It’s compensation done your way, without breaking a sweat.
Real-Time Commission Processing
Why make producers wait? Real-time commission processing, powered by integrations with EIS BillingCore® and PolicyCore®, ensures payments are accurate, timely, and adaptable. With PolicyCore managing policy adjustments, retroactive changes flow seamlessly into commission calculations, keeping everyone satisfied without added complexity.
Producer Balance Management
This feature uses automated debt recovery to make sure producers get what they’re owed even when chargebacks, late payments, or other issues cause problems. It also automates advances and other and other non-commission payments where applicable.
Agent Management and Onboarding
Through integration with licensure and certification databases, Compensation Manager helps carriers make sure their producers’ qualifications are up to date and fully compliant.
Tracking and Reporting
Real-time data analytics show insurers their producers’ performance and allow brokers and agents to monitor compensation trends over time. If the data shows strong results — or a need for improvement — carriers and producers alike can rely on it as a foundation for productive discussions and compensation plan adjustments, as appropriate.
How do insurers use Compensation Manager?
Carriers using Compensation Manager can make sure compensation for their brokers and other producers is always properly structured and running smoothly. Meanwhile, the intuitive broker portal gives producers accurate and effective insights into their compensation specifics.
The platform enhancement’s real-time-accuracy of commission data and payment processing also helps incentivize distribution: Producers appreciate carriers with flexible compensation options over those that make them choose from a rigid set of commission structures.
But don’t just take our word for it — check out how two very different insurers used Compensation Manager to achieve critical goals:
Differentiation in a Competitive Market
A major North American life insurer (150+ years in the industry) knew they needed major differentiators to make an impression in workplace benefits, a totally new market for them. A digital-first administration platform with serious appeal for brokers and producers was critical to this plan.
Once the EIS-powered platform was live and could launch new products (which only took 16 months), the insurer used Compensation Manager to create and present highly variable compensation plans to brokers. Despite being new players in a saturated market, this versatility helped them win significant new business.
Reliable Compensation Management For a Complex Distribution Network
With a massive book of business across a huge market, one of North America’s most prominent P&C insurers needed wide-ranging compensation management: thousands of brokers, captive agents, and other producers, all with different commission and payment structures. The carrier’s reliance on multiple point solutions from different vendors for billing, compensation, and policy admin only made things more complicated.
With EIS OneSuite and Compensation Manager, they could streamline data flow across these disparate systems and simplify their compensation management.
Better compensation oversight
EIS Compensation Manager
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