What is collections commission in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: collections commission

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Commission paid to an agent for taking care of collections and forwarding such amounts to the insurance company.

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• Key Concepts: 
  Collections commission is a feature of SAP ICM Incentive and Commission Management (ICM) that allows companies to manage and track collections activities. It enables companies to set up commission plans for collections agents, track collections performance, and analyze collections data. 
  
  How to use it: 
  To use collections commission in SAP ICM, companies must first set up a commission plan. This plan defines the criteria for calculating commissions, such as the amount of money collected or the number of accounts collected. Companies can then assign this plan to collections agents and track their performance. 
  
  Tips & Tricks: 
  When setting up a commission plan for collections agents, it is important to consider the goals of the company. For example, if the goal is to increase collections efficiency, then the commission plan should reward agents for collecting more money in less time. 
  
  Related Information: 
  SAP ICM also offers other features related to collections commission, such as automated payment processing and dispute resolution. Companies can also use SAP ICM to generate reports on collections performance and analyze data to identify areas for improvement.