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February 2, 2012 (Toronto, ON) – Varicent Software Incorporated, announced today that Sentry Insurance Group, one of the largest mutual insurance companies in the United States, has selected Varicent to manage its internal sales incentive compensation processes. In the first phase of this project, Varicent will be deployed for over 700 direct writers who are employees of the company.  For more than 20 years, Sentry had been using a customized, in-house compensation management solution.  While the system was able to calculate commissions, bonuses and management incentives, it required heavy IT involvement and was cumbersome to maintain and update.  Sentry wanted to increase business user ownership of the application and reduce the dependence on IT.

"Sentry selected Varicent’s solution because it provides a very intuitive, rules-based approach to managing our complex sales compensation plans,” said Rick Wittmann, Marketing Director, Sentry Insurance.  “With Varicent, we will be able to offer our sales force increased compensation transparency; in addition, we are enhancing the sales compensation department's productivity and effectiveness, as a result of replacing old legacy systems and spreadsheets with the Varicent solution.” 

Varicent was chosen because:

• It provides Sentry with the ability to easily design, model and implement compensation plan changes.
• It has broad insurance industry expertise.
• Its solution provides the capabilities to accommodate future growth.
• It has an intuitive navigation and wizard-based drag-and-drop technology.
• The Varicent team was able to meet Sentry’s unique needs and timeline.

“Especially on the heels of Gartner’s recent MarketScope that rated Varicent ‘positive’ for insurance incentive compensation management applications, we are pleased to extend our reach in the insurance sector,” said Mark Girvan, Vice President Americas Field Operations, Varicent. “The endorsement of a company like Sentry Insurance, with more than a century-long reputation for commitment and loyalty to its customers, is very meaningful.”

Varicent helps insurance organizations effectively manage highly complex processes, commission payments, planning and producer maintenance. With Varicent, organizations can realize the benefits of automating their incentive compensation processes by providing more accurate payments, reduced administrative costs and flexibility to meet changing regulatory environments.

About Sentry Insurance Group

Sentry Insurance, one of the largest and strongest mutual insurance companies in America, was founded in 1904 and is headquartered in Stevens Point, Wisconsin. Sentry provides business owners and consumers with quality insurance protection. With assets of $11 billion and a policyholder surplus of more than $3.3 billion as of December 2010, Sentry Insurance a Mutual Company is rated A+ by A.M. Best. For more information, visit Sentry.com.

About Varicent Software Incorporated

Varicent Software Incorporated, a global pioneer in Incentive Compensation and Sales Performance Management, delivers innovative, industry-leading solutions for finance, sales, human resources and IT departments in high-performing companies across industries. Varicent solutions streamline administrative processes, maximize efficiencies and drive improved sales performance. In addition to ranking in the top 5 two years running, in the PROFIT 200 list of Canada’s Fastest Growing Companies by PROFIT Magazine, Varicent was named the highest overall “hot” vendor in the Ventana Research 2011 SPM Value Index, and was ranked the fastest growing software company on Deloitte’s 2010 Technology Fast 500. For more information, visit www.varicent.com or connect with us on the Varicent Blog, Twitter, Facebook and LinkedIn.

©2012 Varicent Software Incorporated. All rights reserved. Varicent and Varicent SPM are trademarks of Varicent Software Incorporated. All other trademarks and company names mentioned are the property of their respective owners.