What is bundled insurance in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: bundled insurance

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Bundling of several legally-independent insurance contracts into one insurance policy.

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• Key Concepts: 
  Bundled insurance is a type of insurance product that combines two or more types of insurance coverage into one policy. This type of insurance is often used to provide customers with a more comprehensive coverage package at a lower cost than if they purchased each type of coverage separately. Bundled insurance can include life, health, auto, and home insurance policies. 
  
  How to use it: 
  In SAP ICM Incentive and Commission Management (ICM), bundled insurance can be used to create incentive plans for customers. These plans can be tailored to the customer’s needs and can include discounts or other incentives for purchasing multiple types of insurance coverage. The ICM system also allows for the tracking of customer purchases and the calculation of commissions for sales agents. 
  
  Tips & Tricks: 
  When creating an incentive plan for bundled insurance, it is important to consider the customer’s needs and budget. It is also important to ensure that the plan is structured in a way that encourages customers to purchase multiple types of coverage. Additionally, it is important to ensure that the commission structure is fair and equitable for all sales agents involved in the sale. 
  
  Related Information: 
  SAP ICM Incentive and Commission Management (ICM) provides a comprehensive solution for managing incentive plans and commissions related to bundled insurance products. Additionally, SAP offers a range of other products and services related to insurance, such as SAP Insurance Analyzer and SAP Insurance Claims Management.