Incentives Solutions, which specializes in planning and managing incentives and commissions, is launching JOOPY Insurance, a first of its kind system implementing complex business models for insurance agents. Starting in 2020, the system was installed by several large Israeli insurance companies and provides the firms with a tool for managing work agreements wi thei agents and calculating volume commissions while at the same time offering a solution to complex models.
Calculating volume commissions of insurance agents is one of the most complex challenges for insurance companies, due to the high level of competition in the sector and the need to implement intricate business models over a short period and with maximum transparency.
Incentives Solutions’ Joopy solution is defined by the Gartner research firm as one of the most innovative in a new global market niche of Sales Performance Management (SPM) software that is growing rapidly. The market for SPM software rose by 14% in 2019 with sales topping $1 billion. According to research estimates, by the end of 2020 about 40% of the companies who pay commissions to more than 100 employees will institute this kind of solution. These kinds of systems increase sales by agents by 10-12% and hence their commissions.
The JOOPY Insurance system provides end to end management capabilities, while defining an individual work agreement for an agent, including his or her specific terms in each insurance segment and type of policy. The agreement will be approved by managers at the insurance company and will be signed digitally by the agent. Any regulatory or other changes can be quickly adopted, in agreements or as part of the system used for calculating commissions and can be carried out without any manual work.
Agents will be presented with a unified picture on the insurance company’s website, up to date and detailed view of all data related to commissions, the volume as calculated by the JOOPY Insurance system, in all segments of activity. The agent will be able to track commissions and the way they are calculated as well as checking the meeting of targets. The system includes analysis tools and management reports.
Amir Fishlevich, CEO and founder of Incentives Solutions: “Our technology marks a turning point in the insurance industry’s ability to effectively and transparently manage relations among large insurance companies, agencies and agents. Using outdated, inaccurate, and self-developed software programs is no longer suitable for competitive markets like the one that exists in the insurance industry and now requires the automation of the related processes. The solution not only proposes unprecedented savings and efficiency, but it also serves as a stimulus for increasing sales, profits and growth.”