Case Study: Leading Health Insurance Company streamlines incentive compensation approvals and cuts accrual time by 75% with Iconixx Incentive

Health Insurance Giant Streamlines Incentive CompEnsation Approvals with IconixX Incentive

An independent, not-for-profit state branch of a nationwide group health plan — with more than 5,000 employees, roughly 2.3 million members, 60 million claims processed and nearly $9 billion in benefits annually — was hampered by a manual incentive process. Supervisors used a workflow to approve quarterly bonuses, but Accounting relied on spreadsheets to calculate payouts and monthly accruals, making it difficult to revise goals, prorate pay/position changes, and produce timely reports.

The client implemented Iconixx Incentive, an integrated Incentive Compensation Management system to automate approvals, quarterly bonus calculations, monthly accruals and reporting. The solution provided flexible goal management and online access for employees, reduced accrual calculation time by 75% and quarterly bonus calculation time by 50%, and delivered faster, more accurate reporting and greater operational agility.