What is acquisition costs in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: acquisition costs

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Insurance company costs incurred as a result of concluding an insurance contract for example, initial commission, overriding commission and so on.

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• Key Concepts: 
  Acquisition costs are the costs associated with acquiring new customers or partners. In the context of ICM Incentive and Commission Management, acquisition costs refer to the costs associated with onboarding new customers or partners, such as marketing and sales expenses. 
  
  How to use it: 
  ICM Incentive and Commission Management can be used to track and manage acquisition costs. This includes tracking expenses related to onboarding new customers or partners, such as marketing and sales expenses. The system can also be used to calculate the return on investment (ROI) of acquisition costs, allowing businesses to make informed decisions about their customer and partner acquisition strategies. 
  
  Tips & Tricks: 
  When tracking acquisition costs in ICM Incentive and Commission Management, it is important to ensure that all relevant expenses are included in the calculations. This includes not only direct expenses such as marketing and sales expenses, but also indirect expenses such as administrative costs. 
  
  Related Information: 
  For more information about ICM Incentive and Commission Management, please visit the SAP website at https://www.sap.com/products/incentive-and-commission-management.html.