Commission Tracker Market Insight
Commission Tracker is software which is used by insurance agencies to calculate agents' commissions and manage policies. Insurance company administrators sort existing policies which is based on clients, agents and use the search functionality to obtain specific policy details from the database of company. Commission Tracker software allows organization to develop new policies with an information like policy status, billing type, renewal date, client name, number and more. Policy managers can update the status of premium payments as partial, open, closed and they are able to view billing summaries with individual payment details. Additionally, users can import data on this platform and can generate reports of policy status or payment discrepancy, accounts receivable and agent commissions.
Impact of COVID-19 on Commission Tracker Market
- COVID-19 a pandemic, causing a huge impact on people’s lives, families, and communities. Besides the world grappling with this alarming health crisis, it has come as a blow to the global economy.
- Organizations around the globe are restructuring their business operations to enable employees to work from home and are looking for an efficient technology stack to manage the new dynamics of work from home reality.
- However, with the change in working style organizations also need to enable managers to effectively manage their team and their performance which further helps to calculate their commission. It also becomes increasingly important to set and monitor clear objectives aligned to organizational priorities for each team, team member and then evaluate them on a real-time basis for their commission with respect to the target assigned.
- Moreover, with the change in the working pattern and adoption of work from home, the organization as well as the employees needs to re-plan their commission strategies and parameters.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Numerous factors such as rise in the adoption of cloud-based solutions for the improved flexibility, enhanced accuracy in the accounts, able to resolve the improved commission tracking problems; increasing demand the sales commission tracking software customized reports, enhanced sales, and business growth, and increased automation are some of the key driving factors for the growth of the commission tracking market. However, Lack of awareness about the Positive impacts of commission tracker, unwillingness towards investing inexpensive tools, and diversified sales data maintenance regulation present across organizations are some of the factors which may hinder the growth of the market. Moreover, ongoing product launches and partnership in the market is expected to boost the opportunity for the market.
Enhanced accuracy and transparency in commission:
A commission tracking software enables to enhance the commission structure in a way that manual system would not be able to. The commission tracking software offers the users to view commission statement with all the detailed information and which in turns lead to clear and concise communication of the commission process in addition to the accurate payments. The accurate and transparent commission also helps to increase the team’s trust and reduce people turnover. In addition to this, instant calculation, full transparency and complete automation allows the organization to automate commission tracking process and achieve better performance and thus, it is driving the growth of the commission tracker market.
New product launches in the insurance industry:
Multiple organizations are planning to launch their own commission tracker as in order to be in the competition. The major key players of this market are launching their own commission managing software. This product will allow the users to set up custom fields, calculate formulas and configure some dashboards and reports. In addition to this, the product also offers enhanced speed of implementation, reduced cost of implementation, improved ongoing support & maintenance costs and ability to be updated to meet changing business needs. It allows the compensation administrator to establish products, payees, plans, incentives, customers, quotas, payment frequency, etc. in the sy
Key benefits of the report:
• This study presents the analytical depiction of the global commission tracker market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global commission tracker market share.
• The current market is quantitatively analyzed to highlight the global commission tracker market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides detailed commission tracker market analysis based on competitive intensity and how the competition will take shape in coming years.
Commission Tracker Market Report Highlights
By Component Type
By Deployment Type
By Organizational Size
By Industry Vertical
Key Market Players
Square Inc., Panasonic Corp., Ingenico Group S.A., First Data Corp., Toshiba Tec Corp., PAX Technology Inc., Samsung Electronics Co. Ltd., PayPal Holdings Inc., NCR Corp., Verifone Systems Inc.