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

SAP Term: target premium

• Component: ICM

• Component Name: Incentive and Commission Management (ICM)

• Description: Incentive and Commission Management The insurance cover is already determined when the policyholder signs the insurance contract traditional insurance products.

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• Key Concepts: 
  Target Premium is a feature of SAP ICM Incentive and Commission Management (ICM) that allows companies to set performance targets for their sales teams. It allows companies to set a target amount of sales that must be achieved in order to receive a bonus or commission.
  
  How to use it: 
  To use Target Premium, companies must first define the target amount of sales that must be achieved in order to receive a bonus or commission. This can be done by setting a specific dollar amount or percentage of total sales. Once the target has been set, the company can then track the progress of their sales team towards achieving the target.
  
  Tips & Tricks: 
  When setting a target premium, it is important to consider the size and complexity of the sales team. If the team is large and complex, it may be beneficial to set multiple targets with different levels of difficulty. This will ensure that all members of the team are motivated to reach their goals.
  
  Related Information: 
  Target Premium is just one feature of SAP ICM Incentive and Commission Management (ICM). Other features include performance tracking, commission calculation, and reporting. For more information on these features, please visit the SAP website.