VUE Compensation Management is a powerful, flexible and intuitive tool that makes it easy for insurance organizations to organize and streamline complex commission and incentive programs.

Gain Clarity in Compensation Management

Companies are empowered to intuitively design, manage, and track effective incentive programs and produce powerful reports – ensuring confidence in compensation metrics, and reducing the inter-department reliance on IT. Most importantly, VUE helps motivate sales teams by providing clear performance measures and trusted payments.

An intuitively designed interface allows products to be setup and modified with ease.

Clear visuals make even complex hierarchies easy to understand.

Build Comprehensive Compensation Programs

Utilizing the intuitive interface of VUE Compensation Management, companies can create incentive programs that maximize sales of the most profitable products. Compensation strategies can be changed quickly in response to market opportunities, providing companies with a competitive advantage, and delivering the flexibility sales and marketing executives need.

Increase Producer Retention

With clear compensation metrics and commission statements, there’s no question on how individuals are paid. This clarity ensures that producers focus on the priorities defined by the compensation program rather than spending time on shadow accounting. Producers choose to do business with companies that are easy to do business with.

Ensure Trusted Compensation Runs

Rich automation capabilities greatly reduce the administrative and operational costs of managing the compensation payout process. A robust transaction engine ensures the accuracy of all commission and bonus payouts regardless of product, distribution channel complexity or transaction volume.

Support Regulatory Compliance Initiatives

Programmed compliancy checks ensure carriers maintain appropriate licensing and credentialing verifications for their entire producer channel. Payment suppression makes certain only those agents with valid appointments are run through the compensation process. Granular control and monitoring of the payment process ensures full audit trails to help meet regulatory requirements such as Sarbanes Oxley.

Features:

• Unlimited hierarchies including support for multiple hierarchies per payee
• Unrestricted payout schedules and compensation plans using client-defined business rules
• Flexible client-defined bonus programs
• Advance and draw support
• New business registration tracking ensures full awareness to pre-policy milestones
• Easy plan maintenance with full audit trails
• Insightful research tools to resolve compensation disputes
• Agent/Agency management tools
• Comprehensive agent licensing and compliance management
• Retroactivity
• Performance-tuned high volume transaction engine
• Powerful and extensible reporting
• Easily model, trend and analyze compensation and performance data
• “What-if” Analysis and reports
• Trend analysis for on performance data
• Modeling for changes to existing compensation plans
• Modeling for changes based on the introduction of new plans
• Modeling for Agent/Agency hierarchal changes
• Field level security and auditing ensure control and accountability in system modifications
• Customizable workflow for rules-based distribution of communications to producer channel members
• Integration engine using standards-based XML technologies supporting SOA and Web Services interfaces
• Producer Portal module for web-based agent access
• On-site or hosted deployment models
• Fully HIPAA-Compliant

Value

VUE Compensation Management helps deliver rapid return on investment for ICM/EIM projects through:

Increased sales performance – Align compensation expense directly to goal attainment

Improved profitability – Streamline go-to-market product introductions which best support margin gains

Reduced producer turnover – Encourage a stable and satisfied sales force with timely and accurate payments

Increased organizational responsiveness – Process changes in a timely manner, insuring accurate compensation

Reduced operations costs – Eliminate human errors and overpayments through comprehensive automation and auditing

Improved security and audit controls – Support Sarbanes-Oxley, credentialing verification and other regulatory initiatives

Technology

VUE Software utilizes Microsoft platform technologies as the foundation for all system development providing a standard architecture to facilitate enterprise integration and assure cost effective implementation on commodity hardware. Clients can choose to deploy on either an Oracle or Microsoft SQL Server database.

VUE Software is an active member in Microsoft’s Insurance Value Chain (IVC) program and works closely with Microsoft to ensure leading system integration, scalability, reliability and security.

source: www.vuesoftware.com

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