DENVER – October 23, 2024 – Vertafore®, the leader in modern insurance technology, is enhancing its approach to compensation management with a scalable solution for carriers of all sizes. Sircon® Compensation empowers carriers to create producer commission and incentive programs that accelerate business growth while streamlining compensation administration.
In a recent Vertafore study, 67% of independent insurance agents identified clear and accurate compensation statements as the top compensation-related reason for working with carriers. Sircon Compensation enables carriers to address this need by significantly improving the efficiency, accuracy and compliance of the compensation management processes, benefiting both insurers and their independent agent partners.
Empowering a modern agent compensation experience
Sircon Compensation helps insurers strengthen their agent relationships and incentivize producer performance with:
- Customizable plans to fit any business model: Easily change compensation plans—including commission structures, bonuses and other incentives—to meet changing business needs or regulatory requirements.
- Enhanced compliance: Verify that compensation practices comply with industry regulations while offering clear documentation and reporting for audits and regulatory reviews.
- Reduced manual work: Easily automate compensation calculations and payments while reducing errors and simplifying the tracking of commissions and incentives.
- Data-driven decisions: Find insights into compensation trends, performance metrics and financial impacts with robust reporting and analytics tools.
“With Vertafore’s Sircon Compensation, carriers can create and manage competitive compensation packages to fuel their growth while providing an enhanced agent experience,” said Tracey Brown, General Manager of Distribution and Compliance Management at Vertafore. “Simplifying and streamlining the compensation process improves the overall experience for the entire distribution channel so that insurers and independent agencies are aligned to provide coverage people need.”
Sircon Compensation is part of Sircon for Carriers, the independent insurance channel’s most comprehensive distribution management platform. The integrated platform helps insurers become a carrier of choice by supporting and enhancing the full lifecycle of how they work with producers—from onboarding to compliance to compensation and optimization.
About Vertafore
As North America’s InsurTech leader for 55 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore’s solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers.
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