Overview

Producer Management and Compensation Systems (PMACS®) is a comprehensive suite of producer and distribution management software modules specifically designed for the financial services industry. It enables faster time-to-market of new compensation plans, is reliable with calculations or accounting, and is easy to manage.

PMACS® supports all life, annuity, security, pension, health, disability and property and casualty products / requirements, and is as flexible as you need it to be. It can be configured any way you want, whether it’s to manage 1,000 or 600,000 producers or for commissions processing for US$2 million or US$1 billion. It includes six modules that can be deployed individually or as a suite of modules — producer on-boarding, producer management, compensation management with performance management accelerator, performance management accelerator, leads management and producer portal.

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Features

Our solution modules can be deployed individually or as a suite of modules. These modules provide comprehensive features to effectively manage processes across the distribution management value chain.

PMACS ® is a flexible, multitiered, browser-based application that automates the management of a client’s sales force. It is scalable and data source independent ¾ you can easily retrieve information from the relational database using a J2EE compliant user interface or a variety of electronic data interface (EDI) options. PMACS ® provides the tools you need to:

  • Add new producers and specify their reporting relationships with little or no user data entry.
  • Systematically calculate and pay compensation in accordance with the producer’s contract or selling agreement. The commission schedules and rates are established in PMACS ® and vary by product and financial transaction. A DTCC interface is available for transmitting commissions to selling organizations.
  • Consistently maintain producer status by monitoring appointment and license renewals, continuing education requirements and other factors that can lead to the suspension of their ability to sell. A DTCC interface is available for registering agent licenses and appointments.
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Components

The PMACS® solution has 6 components that can be plug-and-play into existing carrier’s producer management infrastructure:

PMACS® producer on-boarding

  • Background verification process
  • Verification of pre-registration
  • Pre-licensing examination, product and carrier training
  • NIPR integration
  • Online contract and appointment
  • Personal disclosures
  • e-signature enabled
  • Built-in workflow and document management
  • Fully automated

PMACS® producer management

  • Dynamic authority to sell
  • License, appointments, registrations and renewals
  • Track continuing education and product training
  • Maintain producer demographics, contracts and selling agreements
  • Integrated with DTCC, NIPR and appointment vendors
  • Support complex hierarchies and multiple relationships
  • Scheduled and ad-hoc reports to cater all the needs
  • Full-fledged audit capability

PMACS® compensation management PLUS performance management accelerator

  • Calculate commissions and overrides
  • Support complex compensation hierarchies
  • Pay commissions through multiple channels
  • Calculate chargebacks/ debit balances
  • Commission statement aggregator
  • View and approve trial statements
  • Integrated with disbursement systems for commission payouts
  • Full-fledged data warehouse to cater to all reporting needs
  • PLUS All the capabilities of our Performance Management Accelerator product

PMACS® performance management accelerator

  • Individual and group performance goals
  • Flexible goal structure
  • Track performance by individual, team and product
  • Support performance-based incentive management
  • Standard interfaces
  • Correspondence
  • Gamification-enabled
  • Full-fledged data warehouse to cater to all reporting needs

PMACS® producer portal

  • Self-service option for producers
  • Producer demographics and regulatory compliance details
  • Hierarchy based access alerts on pending business
  • Commission history and statements
  • Aggregate performance measures
  • Social networking features
  • Blast news

PMACS® leads management

  • Fully automated leads lifecycle management
  • Source agnostic leads capture process
  • Ability to aggregate leads generated from various internal and external source
  • Intuitive assignment of the leads to producers with a unique “Producer – Lead Mapping” algorithm
  • Detailed dashboard for home office users
  • Ability to link leads conversion to producer performance driving sales effectiveness


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