What is distribution channel in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: distribution channel

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Method by which the insurance company establishes contact with potential customers and supports customers once they have concluded an insurance contract. Support is provided, for example, by the insurance representative, broker, structural sales or investment adviser, through direct sales or through institutions which do not normally deal directly in insurance, such as banks, credit card companies, mail-order companies and so on.

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• Key Concepts: 
  Distribution channel is a term used in SAP ICM Incentive and Commission Management (ICM). It is a way of organizing sales activities and defining the roles of different parties involved in the sales process. It is used to define the relationships between customers, sales representatives, and other stakeholders in the sales process.
  
  How to use it: 
  In SAP ICM, distribution channels are used to define the roles of different parties involved in the sales process. This includes defining the roles of customers, sales representatives, and other stakeholders. The distribution channel also defines how incentives and commissions are distributed among these parties.
  
  Tips & Tricks: 
  When setting up a distribution channel in SAP ICM, it is important to consider the roles of all parties involved in the sales process. This will ensure that incentives and commissions are distributed fairly among all parties. Additionally, it is important to consider any legal or regulatory requirements when setting up a distribution channel.
  
  Related Information: 
  For more information on setting up a distribution channel in SAP ICM, please refer to the official SAP documentation. Additionally, there are many online resources available that provide detailed instructions on how to set up a distribution channel in SAP ICM.