The insurance firm had a complex incentive compensation process that was spread across various systems, including spreadsheets, an HRM database, and a homegrown system called "OPUS."
With over 140 roles, 7+ product groups, 14,000+ employees, and 100+ schemes, the payout process took more than 17 working days per month, leaving little room for analysis or optimization. There were issues of suspected leaks and conflicts in payouts.
To address these challenges, the firm embarked on a strategic initiative with the following key objectives:
The initiative focused on incentive compensation management, commission management, campaigns management, integration with key source systems, and reporting and dashboarding. Hierarchies were created, and data was integrated from various systems into Anaplan. Then Historical data, employee mappings, and process definitions were also configured within Anaplan.
Encompassed eliminating manual calculations, actionable analytics and forecast capabilities, time savings in plan administration, and driving performance with immediate visibility and mobile access. The system aimed to reduce commission overpayment, improve forecasting accuracy, streamline processes, and provide real-time access to compensation data.
The solution aimed to automate and streamline the compensation process, provide visibility and forecasting capabilities, reduce errors, align sales teams with objectives, eliminate manual processes and spreadsheets, and serve as a reliable source for auditing and reporting.