d AIG, the world’s largest international insurance company with headquarters in the US and branches in over 140 countries began operations in Israel in 1997. AIG Israel Insurance Company Ltd. offers insurance services (P&C, life and healthcare insurance) and operates as a subsidiary of American International Group Inc.
see url The company’s structure includes profit centers divided by various insurance products as well as by departments: customer service, claims, IT, human resources, accounting, marketing, sales, etc.
loan assignment The Israeli branch employs large numbers of salespeople and customer service representatives, whose salaries are largely structured on achievement-based incentives. These incentives packages are an integral part of the company’s sales activities, but the systems and the processes involved in it were complex, lengthy, labor intensive and sensitive to human error.
click here Compensation in the insurance industry is applied to many different products, packages, and distribution channels, but it must also take into consideration long-term sales, up-sales, cross-sales, and cancelled orders. In addition, some sales are “closed” by more than one person, and the compensation for that sale needs to reflect the level of contribution of each person.
http://camerounradio.com/?q=loans-approval-online AIG was using multiple Excel sheets based on information from various sources to calculate compensation: information from the operating system, manual data submitted by the accounting department, etc. Complicated calculations were embedded in the Excel sheets, making it difficult to track the calculation process.
As a result of all of these complications, calculating monthly salaries demanded a lot of time of various senior and mid management personnel. Changing the compensation system was nearly impossible, and it was necessary to implement internal controls to prevent mistakes in calculations.
AIG was aware of the need to find a solution to these problems. They defined the following criteria for a new compensation management system:
Following a successful Proof of Concept project with Incentives Solutions, complete operational capacity was implemented at AIG. Most of the effort in implementing the system was invested in analyzing and defining the needs for the system’s data that are necessary for calculating incentives in support the sales strategies of AIG.
Initially, the key users (System Managers) were from the Sales Department. Once the system had been successfully implemented in Sales, other departments began to use it as well.
The following benefits became apparent once the system had been implemented:
Ms. Levit, COO and VP IT at AIG, says, “The system has definitely proven itself. The system has contributed significantly in increasing the motivation and performance of its “clients” in Customer Service and Sales and helped increasing the level of control and supervision at the Accounting Department. Since its deployment, Incentives Solutions is a provider and contributor to AIG’s growth and development. “