What is new business in SAP ICM - Incentive and Commission Management (ICM)?

SAP Term: new business

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management New additions to insurance contracts within a certain period. The following categories apply: Newly written business new contracts for which an insurance policy has been issued. Honoured new business first premium has been paid. Further differentiation is made between: Real new business and replacements new contracts which replace existing ones. Additions from in-force business, for example premium or summary adjustment clauses. Gross and net new additions net of cancellations, plus refunds.

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• Key Concepts: 
  New business is a term used in SAP ICM Incentive and Commission Management (ICM) to refer to the process of creating new sales opportunities. This includes activities such as prospecting, lead generation, and customer acquisition. It also involves the development of new products and services to meet customer needs. 
  
  How to use it: 
  In SAP ICM, new business is managed through the use of incentive and commission plans. These plans are designed to reward salespeople for their efforts in generating new business opportunities. The plans can be tailored to meet specific goals and objectives, such as increasing sales volume or expanding into new markets. 
  
  Tips & Tricks: 
  When setting up an incentive and commission plan for new business, it is important to consider the following factors: the type of customer being targeted, the desired outcome, the budget available, and the timeline for achieving results. Additionally, it is important to ensure that the plan is aligned with company goals and objectives. 
  
  Related Information: 
  For more information on SAP ICM Incentive and Commission Management, please visit the SAP website at https://www.sap.com/products/incentive-and-commission-management.html. Additionally, there are many resources available online that provide guidance on how to create effective incentive and commission plans for new business.