ING Insurance Asia has selected Varicent Software to manage its complex sales incentive compensation plans and sales performance management activities.
ING Insurance Asia comprises ING’s insurance and investment management operations in the Asia Pacific region. Based in Hong Kong, its operations consist of eight wholly owned or joint venture businesses operating across nine major regions.
ING Insurance Asia sells various types of life insurance products including annuity, endowment, unit linked products, universal life, term life and group life. General insurance products are offered in Hong Kong SAR and Malaysia.
According to the Varicent, the ING will initiate a roll out of the Varicent system to Japan, Malaysia and Korea in the first phase of the project. Varicent will be used not only for incentive compensation but also for advanced reporting and analytics.
ING Insurance Asia chief information office Jun Ying said through the automation of manual tasks, the solution will address current process limitations and reduce some financial risks. The implementation was very smooth and ING is now well positioned for this roll-out.