VUE Software to Provide Compensation Management System With Revenue Reconciliation for Insurance Technology and Distribution Organization
COCONUT CREEK, Fla., July 8, 2013 /PRNewswire/ — VUE Software® today announced that a rapidly growing health insurance technology and distribution partner recently selected the VUE Compensation Management™ solution for its compensation management infrastructure. A subsidiary of one of the top ten health insurance companies in the United States the organization is hiring and training thousands of agents and service workers. The firm plans to leverage the system’s comprehensive commission management capabilities, which include automated revenue reconciliation, to confirm commission accuracy across multiple carriers, maintain smooth operations and ensure correct, timely agent compensation.
Because of its highly specialized business model, rapid growth and ongoing interactions with carriers, exchanges, agents and consumers, the insurance service partner required a robust, configurable system able to scale to high business volumes. Revenue reconciliation was a deciding factor due to the need to verify payment accuracy across a multi-carrier, multi-hierarchy environment and incorporate pay structures such as flat fees, percentages and multiple commission tiers. In addition, higher transaction volumes were anticipated to accommodate the effects of the Patient Protection and Affordable Care Act (PPACA) and increases in Medicare use with a shifting retiree population.
The service partner chose VUE Compensation Management following a referral from an existing VUE Software client on the basis of revenue reconciliation. The solution is being integrated into the service partner’s technology and will provide comprehensive revenue reconciliation capabilities as partnerships are established in the organization’s aggressive growth phase.
“With our dedicated insurance focus and successful track record with reputable clients, VUE Software is an excellent choice for companies that need to rise above industry complexities and healthcare reform challenges,” said Abhinav Dave, executive vice president of VUE Software. “Unlike many solutions, automated reconciliation is built into VUE Compensation Management so our customers can keep pace with complex commission environments. Reconciling variations between expected revenue and payments received is just good business, but doing it manually can be extremely time-consuming. Higher transaction volumes increase the potential for error, particularly in multi-carrier situations. Only a sophisticated system like ours can make accuracy easy.”
VUE Compensation Management’s revenue reconciliation module enables service providers, managing general agents (MGAs), Health Insurance Exchanges (HIXs), carriers and other key partners to forecast, track, measure, compare and recognize earned revenue and avoid agent overpayments. Automation streamlines payment and reconciliation processes, saves time and money, helps eliminate errors and increases overall efficiencies. The system helps strengthen partner relationships by providing factual evidence for any payment errors, since all calculations are documented according to the contracted commission structure.
About VUE Software®
VUE Software is a leading provider of distribution, incentive compensation and sales performance management suites. Backed by over 20 years of insurance experience, VUE Software solutions are built to meet the unique needs of the life, health, property and casualty, and distribution verticals. VUE Software is a doing-business-as (DBA) name of Computer Solutions and Software International, LLC (CSSI).