Varicent Receives Accolades for its ICM solutions

Gartner's (News - Alert) Insurance Incentive Compensation Management (ICM) MarketScope report has recognized Varicent Software's commitment while delivering innovative, industry-leading ICM solutions and has awarded the company a “Positive” rating.

Varicent Software Incorporated, a pioneer in incentive compensation management and sales performance management solutions serves many high-performing companies across a wide spectrum of industry. These solutions help streamline administrative processes, maximize efficiencies and drive improved sales performance.

According to Steven Leigh, Gartner analyst and author of the MarketScope report, existing ICM functionality in policy administration systems and even spreadsheets have become inadequate.

He further noted that as payment schemes had become more complex than before and the legacy platforms more inefficient, inflexible and expensive, they were hindering good governance. All this had triggered an interest in Packaged ICM solutions.

“Gartner's MarketScope report confirms that insurers are seeking enhanced flexibility and agility in their sales processes,” said Brian Hartlen, vice president of Marketing at Varicent, in a press release.

Hartlen underlined the importance of insurance companies having the right ICM partner to streamline their incentive compensation processes and was pleased that Gartner had recognized Varicent's commitment in this area.

Varicent was named the highest overall “hot” vendor in the Ventana Research 2011 SPM Value Index and was also ranked the fastest growing software company on Deloitte's (News - Alert) 2010 Technology Fast 500. In addition it ranked in the top 5 two years running, in the PROFIT 200 list of Canada's Fastest Growing Companies by PROFIT Magazine.

The MarketScope report assesses vendors based on their overall viability, product and services, customer experience, market responsiveness and track record, and product and geographic strategy.

In related news, Varicent Software Incorporated announced that the Varicent solution has been implemented at Ventana Medical Systems, Inc., a member of the Roche Group. In an effort to automate their sales commission process, Ventana recognized the need for a tool that provided flexibility and ease of use and one that would integrate with their customer relationship management software.

Mini Swamy is a contributing editor for TMCnet. To read more of her articles, please visit her columnist page.

Edited by Jennifer Russell