Challenge
With a history dating back to 1896, Wawanesa is no stranger to transformation. Over the past five years, Wawanesa found itself on another transformational journey to replace their legacy system. They needed a more efficient and compliant way to manage their broker compensation plans.
Case Study Snapshot
Solution: Incentive Compensation
- All-in-one solution to drive performance
- Reduce manual administrative processes through automation
- Reduce risk by ensuring compliance
Solution
Wawanesa needed to ensure it had a robust tool that would meet their complex reporting and compliance needs. Through the implementation of Varicent ICM, Wawanesa Insurance could optimize processes to ensure their brokers are able to get the information they need on a timely basis—and get paid on time.
Varicent Incentive Compensation Management (ICM) removes friction from the compensation process, accelerates the ability to make plan changes and adopt new strategies, and enables new insights to outdo previous performance.
Results
Varicent ICM helped Wawanesa Insurance, and their brokers, gain visibility into their performance, while maintaining compliance, through interactive, easy-to-understand reports and dashboards. “Varicent provides us with rich dashboard reporting so that we can manage our internal performance, and our brokers have the ability to manage the performance of their books as well,” explains Paul Fast, Manager, Executive Office Business Development.
• All-in-one solution to drive performance
• Reduce manual administrative processes through automation
• Reduce risk by ensuring compliance
About
Wawanesa is a proud company with a long history dating back to 1896. We take pride in our stability, both financial and operational, and plan to continue growing in the future just as we have in the past. We wish to provide ever increasing numbers of policyholders with excellent products and service. Our mutual ownership structure both allows us and requires us to take a steady and prudent approach to balancing growth and financial strength.
