Company: Ernst & Young (EY), Chicago, IL
Company Description: EY is a global powerhouse and one of the "Big 4" accounting firms, renowned for its leadership in consulting. With a focus on digital transformation, strategy, and technology, EY helps organizations innovate, optimize performance, and drive sustainable growth. Its deep industry expertise and transformative solutions make it a trusted partner for businesses navigating complex challenges worldwide.
Nomination Category: Solutions & Implementations Categories
Nomination Sub Category: Incentive Management Solution – New or New Version
 Nomination Title: Producer Compensation Enhancement (PCE)
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the features, functions, benefits, and results to date of the nominated product or service, OR written answers to the questions? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions for this category, provide them in the spaces below.
The Producer Compensation Enhancement (PCE) solution is a revolutionary model that shifts agent compensation from traditional commission-based systems to one focused on the quality of advice and client interactions. Developed using advanced AI and ML models, PCE incorporates eight key parameters: Good Listener, Empathy, Speed of Problem Solving, Holistic Vision, Long-Term Relationship Building, Portraying a Good Impression of the Carrier, General Objectivity, and Creating a Following. These parameters ensure agents are rewarded for delivering exceptional, client-centered service. A collaborative effort across teams ensured its successful implementation, first at New York Life, and it is now being adopted by major organizations, setting a new benchmark in the industry.
- If you are nominating a brand-new product or service, state the date on which it was released. If you are nominating a new version of an existing product or service, state the date on which the update was released:
1st Iteration - June 2024
2nd Iteration - Jan 2025
- Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 159 words used.
The Producer Compensation Enhancement (PCE) solution is a revolutionary approach to agent compensation, moving beyond traditional commission-based models. It focuses on the quality of advice provided by agents, reflecting their evolving role as fiduciaries. PCE rewards agents for thoughtful client interactions and long-term outcomes rather than just premiums sold, incorporating a feedback system for continuous improvement. Developed with cutting-edge technology and models, PCE has been successfully implemented at New York Life Insurance and is now a benchmark for the industry. The solution has been well-received by agents, contributing to improved retention and satisfaction. With its innovative approach, PCE is setting the stage for how future compensation models will prioritize value-driven relationships and client trust over transactional sales. The solution has been filed for patenting, further solidifying its status as a pioneering development in the industry.
Key features:
1. Interaction based compensation using advanced AI
2. Robust actuarial model to reward the correct behaviors
3. 8 key factors to drive
- Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 227 words used.
Market Performance: The Producer Compensation Enhancement (PCE) solution has generated over $15 million in revenue, making it a key driver for the Distribution Management Practice at EY. This strong financial performance underscores its market impact and relevance in the industry.
Critical Reception: PCE has been widely recognized for its innovative approach to agent compensation, moving beyond traditional commission models. It has been acknowledged as a significant advancement in the way compensation is structured, addressing the evolving role of agents as fiduciaries. Its adoption by leading organizations, including LPL Financial, Thomson Reuters, and American Express, speaks to the solution's effectiveness and relevance in the market. This reception highlights PCE as a transformative model in the insurance and financial services industries.
Customer Satisfaction: The solution has been well-received by agents and organizations alike, leading to higher agent retention rates and increased satisfaction. Agents appreciate the focus on quality interactions and the opportunity for feedback, which helps improve their advisory roles. The growing interest from major financial institutions demonstrates its positive reception and potential for broader industry adoption.
Sales Performance vs. Expectations: The revenue generated, surpassing $15 million, aligns with expectations and signifies strong performance, especially given its early-stage adoption. The traction and recognition PCE has gained from top-tier firms like LPL Financial, Thomson Reuters, and American Express indicate that it is surpassing past compensation models, further validating its success.
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 195 words used.
This nomination is supported by the following materials, which provide evidence of the claims made:
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Patent Filing: A patent has been filed for the Producer Compensation Enhancement (PCE) solution, highlighting its innovative nature and distinct approach to compensation. This filing demonstrates the originality and technological advancement of the solution, reinforcing its status as a pioneering development in the industry.
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Press Release for PCE Implementation at New York Life: A press release detailing the successful implementation of PCE at New York Life Insurance provides evidence of the solution’s real-world application and its positive reception. This document underscores the solution's impact, including its role in agent retention and its broader industry significance.
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Awards – Titan and Global Recognition Award: Sanket Das has received the prestigious Titan and Global Recognition Awards, which are clear indicators of his work and industry acclaim.
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Article on PCE in Global Banking and Finance Review: An article published in Global Banking and Finance Review discusses the concept of PCE, shedding light on its revolutionary approach to producer compensation and its potential to reshape the industry. This article serves as additional evidence of the solution's recognition and thought leadership within the financial services sector.
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