AUSTIN, Texas, Jan. 31 /- Versata announced today that its Distribution Channel Management(TM) (DCM) solution for Insurance and Brokerage companies enables full transparency of compensation to the end consumer. The new functionality, available as part of the newly released DCM 3.0, comes in response to regulatory changes that require financial services organizations to disclose, up front, all of the compensation that would be paid for a business transaction.
Responding to the market need to provide transparency into commissions, Versata announces this additional functionality to facilitate full disclosure for all types of compensation based upon the payment rules, product information, and supporting data that are used to calculate the payment of commissions after a sale. These tools extend the solution's existing capabilities and allow for the up-front determination of actual compensation amounts without affecting compensation calculations for completed sales and without duplicating rules and data.
"The Insurance and Brokerage business is facing an ever increasing need to provide full disclosure of compensation to end consumers prior to the completion of a sale," said Leela Kaza, general manager of Versata's financial services business unit. "Versata helps our customers provide the necessary information at the point of sale, without additional cost or infrastructure."
Versata's complete solution suite for Insurance and Brokerage companies enables large, complex organizations to quickly roll out new sales and marketing strategies through distribution channels and to the point of sale, with full capabilities for distribution channel management, policy administration, compensation management, point-of-sale applications, and data analysis.
"Insurance Industry companies are required to provide commission transparency, so Versata created a simple, effective way to do it within our existing system," Chris Smith, Versata's vice president of operations said. "Versata is committed to working closely with our customers to serve their evolving business needs and provide the most valuable business functionality at the lowest total cost."
Versata's comprehensive solutions for Insurance and Brokerage are available today, including the recently announced hosted offering for the solution that covers all applicable hardware, software, application servers, and databases. For more information, visit versata.com/solutions/insurance.htm .
The Versata Enterprises, Inc. family of companies is the leading provider of enterprise software solutions that deliver business results, performance, and scalability with a low total cost of ownership. Versata's patented solutions decrease IT costs by eliminating expensive maintenance, by leveraging open source technology, and by accelerating value delivery to business customers. Versata partners with corporate IT departments to enhance and simplify critical operations in the automotive, financial services, consumer/public, government, and manufacturing industries. For more information, visit versata.com .
Source: Versata Enterprises, Inc.
Krista Glotzbach of Versata Public Relations,
Web site: http://versata.com/