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

SAP Term: premium

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management Volume of concluded contracts. This term is also used for the number of contracts, the insurance total or the premium volume at a certain time, generally the beginning or end of the year.

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• Key Concepts: 
  Premiums are a type of incentive offered by ICM. They are rewards given to employees or customers for achieving certain goals or milestones. Premiums can be in the form of cash, gift cards, merchandise, or other rewards. 
  
  How to use it: 
  Premiums can be used to motivate employees or customers to reach their goals. ICM allows users to set up and manage premiums for their organization. This includes setting up the criteria for awarding premiums, tracking progress towards goals, and distributing rewards when goals are achieved. 
  
  Tips & Tricks: 
  When setting up premiums, it is important to consider the type of reward that will be most motivating for employees or customers. It is also important to set realistic goals that can be achieved in a reasonable amount of time. 
  
  Related Information: 
  ICM also offers other types of incentives such as bonuses and commissions. These can be used in combination with premiums to create a comprehensive incentive program.