The solution automates compensation calculations and payments, reducing manual work, minimising errors and simplifying commission tracking. Credit: wutzkohphoto/Shutterstock.

US insurtech company Vertafore has introduced a scalable solution for carriers, Sircon Compensation, designed to foster growth and enhance relationships with independent agents.

The new offering aims to address the needs highlighted by 67% of independent insurance agents in a recent Vertafore study, who prioritised clear and accurate compensation statements as a key factor in their collaboration with carriers.

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Sircon Compensation provides a suite of tools to improve the efficiency, accuracy and compliance of compensation management processes.

It is expected to benefit both insurers and their independent agent partners by offering customisable commission and incentive programmes that align with evolving business requirements and regulatory standards.

The solution promises to reduce manual work by automating compensation calculations and payments, minimising errors, and simplifying the tracking of commissions and incentives.

Additionally, it offers enhanced compliance features, ensuring that compensation practices adhere to industry regulations and provide clear documentation for audits and regulatory reviews.

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Vertafore distribution and compliance management general manager Tracey Brown said: “With Vertafore’s Sircon Compensation, carriers can create and manage competitive compensation packages to fuel their growth while providing an enhanced agent experience.

“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.”

With the integration of reporting and analytics tools, Sircon Compensation enables data-driven decisions, offering insights into compensation trends, performance metrics and financial impacts.

This component is part of Sircon for Carriers, which is recognised as the most comprehensive distribution management platform in the independent insurance channel.

The platform supports the full life cycle of insurer-producer interactions, from onboarding to compliance, compensation and optimisation, positioning insurers to become carriers of choice in a competitive market.

In 2023, CF Insurance Services secured an enterprise deal with Vertafore to accelerate its growth.