Incentive compensation management (ICM) solutions are being integrated by more and more companies as a means to help address sales needs. Callidus Software, one of the leading vendors of such offerings, recently announced two major providers of Medicare and basic health plans have integrated the company's CallidusCloud Insurance Incentive Compensation Management program.
Callidus has a strong foothold in the insurance industry, with more than 112 clients in the sector making use of the company's ICM solutions. The two new clients, which signed agreements in the second quarter of 2012, will leverage the software as a means to gain insight on how their affiliate partners are performing while also automating painstaking, time-consuming tasks, such as the payment of commissions and bonus plans.
"Leading companies continue to turn to CallidusCloud to automate their sales processes," said Tom Davis, vice president of sales and marketing of insurance at CallidusCloud. "These companies will be using our industry-leading ICM solution to automate the way they process and pay commissions and bonuses, and to tap into rich sales analytics. They'll also gain strong insight into the performance of their agents, affiliates and producers."
The ICM solution is a part of CallidusCloud's grander sales and marketing Software as a Service (SaaS) suite, which is designed to help companies manage operations more efficiently and improve overall sales performance and effectiveness.
The business benefits of ICM
ICM software is very beneficial as a sales management tool, with companies noting a number of perks from integrating these solutions. For many companies, it's a matter of saved time – ICM platforms can help convert tasks that take hours to complete into those that can be done in mere minutes.
While implementing an ICM solution may cost money at first, these programs often end up being huge resource savers at the end of the day. Think of it this way – if the right software solution can save a sales manager five hours per week, at the billable rate of $50 an hour, that could lead to thousands of dollars' worth of savings a year. As operations scale, so too do the savings.