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Tech Directory Product Detail

SunGard iWorks Enterprise Incentive Management (EIM)

Product Description:

SunGard’s iWorks Enterprise Incentive Management system (EIM) is a distribution and compensation management solution designed specifically for the insurance industry.

The platform facilitates essential practices from compensation plan design toprocessing and payout. By managing distribution from start to finish, EIM can improve the administration of all your product lines—life, health, group, property and casualty, mutual funds and annuities.  EIM consolidates all your compensation operations into a single application to help increase efficiency, reduce cost and improve service.

iWorks EIM provides efficient management and administration of:

  • Contract and Licensing – Manage multiple distribution channels and Hierarchies while performing license, appointment and certification compliance validation at time of contracting and/or during compensation calculation
  • Compensation processing – Ability to calculate all primary, secondary and aggregate based compensation using flexible, user-defined rules for all Individual and Group products including supporting insurance specific features such as annualization, advances and charge-backs without custom programming.  
  • Compensation Payout – User Defined Business Rules allow a variety of payout features and functions including debt recovery, interest calculation and tax reporting  
  • Management Reporting – EIM’s fully integrated reporting feature provides Sales Management with Real-time, drill down/up, up-to-date tracking on earnings and producer performance along with a powerful ad-hoc reporting tool allowing users to generate their own custom reports.  Using iWorks pre-configured management distribution dashboards and the analytical framework, enables the acceptance of additional data sources to complete your distribution picture.  
  • Interface Configuration – User defined “Configurable Interfaces” provides integration with complex (policy and corporate) system environments to both accept and transmit information to and from these systems. This is done through the use of standard file transfer facilities such as flat files, MS Biz Talk, MQ-Series/FTP protocols and ACORD web Services  
  • Security, Compliance and Audit - In today’s increasingly compliance-driven world, the need for tighter internal controls has never been greater.  iWorks EIM’s security features help ensure staff has access only to the functions and data for which they are authorized. EIM’s Personal Identify Information (PII) security allows the business to mask data fields (i.e. SIN/SSN, Banking) that are only viewable by select individuals.  iWorks EIM offers a full range of audit and financial control capabilities to help ensure that compensation calculations are consistent, accurate, SOX compliant and fully transparent. 
  • Producer portal and self service - iWorks EIM Web provides regional offices, MGA’s, brokers, dealers and producers with secure, 24/7 access to their information. iWorks EIM Web provides management reporting capabilities that allow access to compensation and production information, as well as a number of self-service capabilities.  

Advantages include:

v  Support a wide range of product lines and distribution channels in a single system

v  Provides full audit and financial controls to meet compliance demand

v  Reduces time-to-market for new products and channels

v  Consolidates distribution and compensation practices

v  Able to generate Complex Compensation Calculations

v  Greater flexibility diminishes IT dependency by empowering allowing business users to make changes

v  Ability to provide timely and accurate compensation increasing Producer Productivity

v  Improves your ability to identify and respond to business pressures  

v  Analytic information at a glance providing data needed to evaluate productivity