MajescoMastek has introduced its Elixir Incentive Compensation Management solution (Elixir ICM), which permits carriers to manage distribution channels, motivate producers with customized reward systems, and integrate with existing systems. The service-oriented architecture, Web-based system enables insurers to develop insurance products and launch them faster, the company says.
Elixir ICM helps carriers get more out of their producers so carriers can focus on and invest in innovation of new products. The need to motivate and retain agents has resulted in insurers spending resources on servicing agents. Elixir ICM allows insurers to provide personalized service to producers with minimal effort and cost.
"When carriers are competing with each other to attract distributors, motivating and retaining them has become a strategic challenge," says Vijay Chavan, worldwide head of the insurance and financial services vertical for MajescoMastek. "Most currently implemented systems cannot fully manage complex channels or scale up as required. Easily customized incentive plans have become a necessity to keep producers motivated. Thus, administrative and servicing demands are putting a lot of pressure on carriers."
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