2024 has been an excellent year for us at C2L BIZ in terms of new customer wins and product innovation. Being part of Liberty General Insurance Limited’s Digital Distribution Transformation journey is one such achievement that we are proud of. On this front, the C2L BIZ team will utilize our insurance industry expertise and the SymbioSys product portfolio’s capabilities to empower Liberty General Insurance’s distribution network growth plans.
A leading Indian insurer, Liberty General Insurance offers various products that cover health, personal accidents, cars, two-wheelers, employee compensation, commercial, fire, engineering, marine, and other protection needs. As part of the initial project scope, C2L BIZ will digitally transform various distribution processes within Liberty General Insurance. These include Agent Recruitment, Hierarchy Management, and Compensation Management.
Liberty General Insurance’s transformation journey harnesses the power of SymbioSys e-Onboarding and SymbioSys Distribution Management System (DMS). This will enable the insurer to streamline its hierarchies, performance, and compensations, which include commissions, contests, and incentives. Additionally, finance modules will undergo integration with financial systems as part of the scope.
The Digital Distribution Transformation project at Liberty General Insurance represents a significant step that reduces its dependencies on spreadsheets, internally developed applications, and system silos. The SymbioSys product portfolio, supported by C2L BIZ’s industry knowledge, ensures a comprehensive digital transformation of the insurer’s distribution processes.
SymbioSys e-Onboarding and SymbioSys DMS emerged as the distribution enablers of choice for Liberty General Insurance during its extensive evaluation exercise. C2L BIZ team’s proven industry experience also stood out during vetting processes conducted by the insurer’s business users. “The 10-month long evaluation process included a series of in-depth discussions with the Liberty General Insurance team. SymbioSys suite’s maturity, implementation expertise, team’s experience, and sophisticated product configurability ensured C2L BIZ’s superiority over the competition at this point. We are proud to partner with Liberty General Insurance and support their distribution transformation initiative,” said Hansel Gonsalves, the Senior Manager for Enterprise Sales at C2L BIZ.
SymbioSys e-Onboarding will fully streamline Liberty General Insurance’s new agent recruitment processes. To start with, it facilitates an end-to-end digital recruitment process via the insurer’s app and portal. Features like smart OCR, differentiated agent journeys, approval workflows, and relevant integrations set SymbioSys e-Onboarding apart from the competition. Its intuitive user interfaces, user experiences, and remote collaboration capabilities ensure efficient recruitment on mobile devices.
Liberty General Insurance’s Digital Distribution Transformation initiative ensures effective management of complex organizational hierarchies. For example, SymbioSys Hierarchy Management offers a unified system to onboard and oversee agents, brokers, banks, and other entities. It supports customizable hierarchies that meet diverse channel needs. SymbioSys Hierarchy Management maintains various self and channel hierarchies that include reporting, geographical, and training aspects.
Existing Microsoft Excel-based Compensation Management processes at Liberty General will witness significant changes as part of the Digital Transformation project. Automation of commission calculations based on different parameters (such as product lines and vehicle types) will soon be a reality with SymbioSys Compensation Management. It fully streamlines commission rules, overrides, and chargebacks. The implementation also ensures compliance with IRDAI’s new Expenses of Management (EoM) guidelines, even as it maintains clear audit trails.
Innovative compensation capabilities are a direct offshoot of SymbioSys Compensation Management implementation. Liberty General Insurance can configure key performance indicators that improve effectiveness and facilitate tailored compensation models for top-performing agents. SymbioSys Compensation Management also provides a range of payment frequencies (daily, weekly, bi-weekly, or monthly) for different channels and distributors.
Liberty General Insurance’s trust in the SymbioSys portfolio is a testament to C2L BIZ’s guiding philosophy of business outcome-based business transformation. This approach translates to sustainable increases in distributor productivity and operational cost optimization. These benefits are augmented by SymbioSys suite’s low code, no code approach. Its highly configurable architecture backed by microservices is ideal to address unique business needs.
For more information on how C2L BIZ can transform your insurance business, talk to us today.