Synygy, the largest and most experienced provider of sales compensation management and other sales performance management (SPM) solutions, today announced the addition of a national provider of life insurance and other specialty insurance lines to its distribution management client roster.
When life, property, and casualty insurance carriers lack a comprehensive way to manage sales commissions, bonuses, and agency operations, they are often unable to:
• design, manage, and quickly update commission schedules, bonus, and reward plans to comply with carrier changes and industry standards;
• collect and verify licenses, appointments, policy records, renewals, and other information from multiple sources without risking data integrity and accuracy;
• provide timely and accurate information about product, channel, and broker performance to executives, agency managers, agents, brokers, finance, and operations;
• efficiently manage the approval of changes in agent, producer, demographic, policy, hierarchy, and commission information;
• accurately determine profitability by product group, channel, and broker relationships.
“Distribution management in the insurance industry is complex, constantly changing, and involves the management of many business processes that touch all points on the producer lifecycle,” said Mark A. Stiffler, Synygy president and CEO. “Synygy’s SPM business platform, which includes software, implementation services, and ongoing managed configuration, managed operations, and managed analytics services, uniquely addresses the needs of our insurance clients.”
Synygy’s distribution management solution for the life, property, and casualty insurance industry enables companies to:
• support a range of commission and bonus plans for captive and independent agents and brokers as well as easily adapt plans to changes in company strategy or market shifts;
• integrate, validate, and manage data from a variety of sources and channels, including licenses and appointments, agent and broker demographics, policies, and commission schedules, in a single, secure, and auditable repository;
• communicate actionable information through meaningful reports and analyses, interactive dashboards, trigger-based alerts, and analytics tools;
• automate and streamline business processes throughout the producer lifecycle, including licensing and appointments, on-boarding, hierarchies, commission schedules, as well as dispute and inquiry management through a self-service web portal;
• forecast expenses and model various commission plans to maximize profitability and adhere to industry and legislative requirements.
“It is gratifying that our recent business win came about because of our demonstrated success in the insurance industry and our focused effort on creating specialized distribution management products and services that go well beyond our core commission management solution,” added Stiffler. “We look forward to providing our new client with a rapid return on their investment and we warmly welcome them to the growing family of Synygy insurance clients.”
Synygy (synygy.com) provides a comprehensive sales performance management (SPM) business platform that helps companies get "above the cloud" by delivering technology enablement, standards and best practices, and continuous improvement to effectively optimize sales compensation management (SCM) and related SPM business processes. SPM includes sales data management, sales reporting and analytics, sales workflow process management, quotas and objectives management, and territory and channel management. Based in Chester, Pennsylvania, with extensive operations in Europe and Asia, Synygy has over 520 employees worldwide and has achieved more than 21 years of success.