TORONTO, Wednesday, December 8th 2010 [ME NewsWire]:
(BUSINESS WIRE)-- Varicent Software Incorporated, the leading innovator in incentive compensation (ICM) and sales performance management (SPM) solutions, announced today that ING Insurance Asia, which comprises ING’s insurance and investment management operations in the region, has selected Varicent to manage its complex sales incentive compensation plans and sales performance management activities. Headquartered in Hong Kong, the insurance 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. After a successful pilot in Malaysia, 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.
"We are confident that Varicent can help us grow our business while achieving an overall cost savings,” said Jun Ying, Chief Information Office, ING Insurance Asia. “Through the automation of manual tasks, the solution will address current process limitations and reduce some financial risks. The implementation was very smooth and we are now well positioned for this roll-out.”
"ING is known across the globe for its commitment to excellent service and innovation in the financial services arena. We are very pleased that they chose Varicent for their Sales Performance Management needs," said Marc Altshuller, Executive Vice President, Worldwide Field Operations, Varicent Software. "This relationship helps to solidify and enhance our global footprint, and we are very proud to add ING to our growing list of customers.”
In particular, Varicent is able to:
- Help solve the existing process delays and limitations while facilitating growth into in the future
- Provide a wealth of features to enable accurate and speedy calculations of commission payments for insurance agencies across lines of business
- Offer advanced reporting and analytics functionality
- Improve service levels with the sales agents
- Reduce the financial risks by automating manual tasks (SOX-like controls for compliance)
- Reduce reliance on IT for plan design and modification
About ING
ING is one of the world's biggest providers of financial services and is a leader in banking, investments, life insurance and retirement services. ING is a trusted name for more than 85 million customers in over 50 countries globally, and over 20 million in 13 markets in Asia. ING Insurance Asia comprises ING’s insurance and investment management operations in the Asia Pacific region.
About Varicent Software Incorporated
Varicent Software Incorporated is an innovative software solutions provider delivering measurable improvements to its clients businesses through its industry-leading sales performance management solution Varicent SPM. Varicent's customers are high-performing companies representing a variety of industries and include Covidien, Convoy Financial Group, Dex One, Silverpop, Sherwin-Williams, Manpower, Getty Images, Starwood Hotels, Sun Hung Kai Financial, and many others. For more information, please visit www.varicent.com.
©2010 Varicent Software. All rights reserved. Varicent and Varicent SPM are trademarks of Varicent Software Incorporated.
All other trademarks and company names mentioned are the property of their respective owners.
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