Managing compensation across a number of distribution channels, products and producers creates unique demands that require innovative technology. Creating and testing multiple compensation plans and ensuring you drive the behavior and growth your company needs should be the goal of any compensation technology. We help you transform your relationship with distribution by looking at the producer throughout the lifecycle of their experience with your company. We seek to help you tie your distribution channels closer to you through clarity of information, flexibility of commissioning, and ease of on-boarding and doing business. The Elixir Distribution Management provides the flexibility you need to manage the complexities of the distribution landscape.
Employing the most modern, service-oriented software architecture, Elixir is the foundation for building a distribution model, free of the constraints of aging technology.
- Manage multiple channels with complex hierarchy
- Handle complex and high volume hierarchical and producer movement and changes
- Monitor producer performance against dynamic Key Performance Indicators
- Launch innovative contests
- Personalize payment schedules for producers
- Integrate with existing systems in the IT ecosystem
- Manage the lifecycle of the producer experience.
The real strength of Elixir lies in its four fundamental components. Acting independently or in one easily-deployable suite, the pillars of the EDM system were designed to coordinate producers across the breadth of the insurance marketplace:
Producer Life Cycle Manager: The Producer Life Cycle Manager handles the entire appointment process. From the initial application to the final contract, the application provides an audit trail from contacts to work experience, and supports bulk and split policy transfers. Integrated licensing procedures with multiple service providers help ensure complete US regulatory compliance.
Compensation Manager: The Compensation Manager offers a comprehensive management solution for commission distribution, payouts, performance-based compensation and the management of multiple product mixes. These capabilities are all vital for attracting, retaining, and motivating top producers -- the driver of carrier success. At the heart of the system lies a Rules-Based Commission Engine, which creates the opportunity for flexible commission contracts and changes.
Performance Manager: The Performance Manager defines and evaluates dynamic Key Performance Indicators, and allows access to powerful new tools to maximize productivity. Using cutting-edge business intelligence technology, the application compares producer and channel performance against a wide range of parameters, including targeted versus actual sales.
Producer Portal: The Producer Portal enables the exchange of information to serve the exact needs of producers. Within a modern user interface, the portal provides producers real-time access to electronic commission statements, dispute resolutions and online approvals. This "self-service" capability provides complete, timely, and transparent information for management of portfolios, production, contests and standings.