SymbioSys Distribution Management System

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Typical Challenges

Inability to provide differentiated commission/incentive rules, pay-out schedule to attract and retain key distributors

Inability to launch innovative contests, provide up-to-date status to motivate distributors for higher performance

Inability to effectively monitor channel performance

Multiple disparate systems operating in silos

Ensure Timely and Accurate processing

Ensure complete audit and process control on the channel compensations and movements.

Key Business Benefits

Significant reduction in cost of distribution operations

Ease of aligning sales force to company strategy

Enhanced ability to attract and retain partner / producer

Reduced time to market for launch of new channel / partner

Reduced time to market for launch of innovative Contest / Incentive

Key Business Drivers

Attract new distribution partner and agency force

Motivate top partners / agents

Improve quality of sales (persistency / balance score card)

Motivate digital sales

Short time to Introduce new channel / distribution partner

Reduce distribution operations cost

Key Differentiators

Robust Channel Structure and Hierarchy Management

Automated Movement Handling

Highly flexible Performance Monitoring

Exception Management like backdated movements, adjustments, hold/release, write-off, invoicing etc.

Distribution Analytics and information for Channel Self Service

Case Study - 1

INTRODUCTION

One of the leading Insurance companies in South East Asia with a line of business spanning Life Insurance, Medical and General Insurance, Employee Benefits, Pension and Financial Planning services with an Omni-channel Sales Distribution Platform.

It has been assigned strong financial strength ratings by International agencies like Moody’s and Fitch.

CHALLENGES

  • Set-up DMS in a short time to achieve their GTM timelines
  • Attract New Talent to the Organization and retain the Talent
  • Move towards a Paperless office with Supporting Processes

BUSINESS NEEDS

  • Agent Registration and maintenance
  • Hierarchy Management till ‘n’ tier
  • Configurable and Flexible Rule Engine
  • Automated Processes
  • eMail and SMS based Information dissemination
  • Flexi Payment Cycles

C2LBIZ SOLUTION

  • Agent Registration module with workflow and interfaces to Other Applications
  • Hierarchy Management flexible enough to capture at ’n’ tier with Parallel hierarchy capture
  • Configurable and Flexible Rule Engine made available for setting up of Commissions, KPI, Incentives, Contests and Automated Movements
  • Flexi Payment Cycle configuration setup at the Compensation Type level. E.g. Commissions at Weekly cycle, Incentives at Monthly level, etc.
  • Integration providing Real time/Batch interfacing with systems like PAS, SMS and eMail Services
  • Automated Processes allows setting up of Jobs to be executed on a Daily, Weekly, Monthly and Yearly basis, and based on Payment cycle and Movement handling

IMPACT / BENEFITS

  • Company rated high in Digital Business
  • Flexibility in Payment Cycle. Agency Commissions on Weekly basis and rest on Monthly Basis, which has attracted good Talent
  • Registered circa 200 Agents within 4 days, in DMS, to be ready to go Live
  • Growth from around 250 Agents to around 2,800+ Agents, and added around 3,000 Policies in 6 months.
  • Decrease in Payment Verification time from 3 days to 2 days, even though Payments have increased from 30+ in the first payment cycle to,380+ in the latest cycle:
    • Around 2400 individual payments already made
  • Minimal time required to setup rules for Commission, KPI, Incentives computation and Payments:
    • Around 60+ Evaluations and around 140+ KPIs setup, to aid the Performance computations
  • Quick Launch of New Partner business:
    • A New BANCA Partner can be launched within 1 month, in case the Hierarchy/Compensation Model are the same as an Older BANCA partner.
  • Flexibility in configuring up new Incentive Criteria(s), and attract new Talent to the company:
    • Around 7+ Evaluations and around 50+ KPIs setup, to aid additional Incentive definitions
  • Paperless Communication, with the SMSs, eMails and Statement of Account(s),(in PDF format), using the electronic Medium

SERVICES DELIVERED

  • Product and Application Production Support
  • Customer Portal Consulting
  • Comprehensive Implementation and Support Services
03

Months for BANCA launch

+1

Month for Tied

2800+

Agents on boarded in 6 months

800+

Average No. of Payables per week

Case Study - 2

INTRODUCTION

A leading international financial services organization, with a strong reputation for business practices, community contributions and sustainability.

The company provides a diverse range of protection and wealth products and services to individuals and corporate customers.

It has been named as one of the Global 100 Most Sustainable Corporations in the World.

CHALLENGES

  • Integration with multiple Policy Admin Systems (PAS)
  • Significant issues on Quality of Policy Data for migration
  • Majority of Agency data (for migration) was maintained manually
  • Regulatory – Stringent deadline for implementation of Balance Score Card (BSC) requirements
  • Requirements were evolving based on inputs from Regulator

BUSINESS NEEDS

  • Transform manual distribution operations into an Integrated, rules driven, workflow enabled and agile operations
  • Implement Balance Score Card based channel compensation before the regulatory deadline
  • Provide consolidated and up to date information for powering the channel portal with self service capabilities

C2LBIZ SOLUTION

  • Transformed the existing manual distribution operations with SymbioSys DMS Best Practices including payouts by Finance department
  • Leveraged C2L BIZ’s proven Migration and Integration methodology along with Migration layer / Interface mapping template for faster and predictable historical data migration
  • Robust SymbioSys DMS configure at or helped in accommodation of dynamically evolving based on Inputs from Regulator
  • An agile and strategic platform to adapt to evolving needs for adding new partners/ evolving regulatory changes, rapidly and with unique differentiation

IMPACT / BENEFITS

  • Not only successfully rolled out Balance Score Card (BSC) based compensation models as per regulatory needs but also provided a platform to evolve the same with emerging market learnings
  • Over 300+ Key performance Indicators (KPI) were implemented
  • Improved channel Self Servicing with more real-time and accurate data provided to Channel Portal
  • Over Three hundred thousand payable transactions handled, while standardizing the process for Partner payouts

SERVICES DELIVERED

  • Product Implementation, Migration, Integration Services
  • Distribution Operations Transformation
  • Post Implementation Warranty and Production Support Services
3 Mil

Policy Records Migrated

15K

Active Hierarchy Migrated

03

Total Systems Integration

300+

KPI’s Implemented

38

Compensation Schemes Configured