The group, which specialises in planning and managing incentives and commissions, said the system was installed by several large Israeli insurance companies.
It will reportedly be able to provide firms with a “tool for managing work agreements with their agents and calculating volume commissions while at the same time offering a solution to complex models”.
It comes as Incentive Solutions said that calculating volume commissions of insurance agents is “one of the most complex” challenges for insurance companies due to competition and the “need to implement intricate business models over a short period and with maximum transparency”.
The new solution is reportedly defined by the Gartner research firm as “one of the most innovative in a new global market niche of Sales Performance Management software that is growing rapidly”.
It also 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 can be approved by insurance company managers and be signed digitally by the agent, while regulatory changes can be “quickly adopted”.
Agents can then track commissions and the way they are calculated, as well as check the meeting of targets.
Amir Fishlevich, CEO and founder of Incentives Solutions, said: “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“Using outdated, inaccurate, and self-developed software programs is no longer suitable for competitive markets like the one that exists in the insurance industry and now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.”