There is no room for complacency when your company is a top life insurer across India’s individual and group businesses. Distinct distribution management challenges that accompany organic and inorganic growth are part of the territory for such organizations. This is the unique story of why a leading Indian life insurer recently chose SymbioSys DMS from C2L BIZ Solutions (C2L BIZ) to drive its Distribution Transformation journey.
Rapid distribution network growth across India has been key for the insurer’s business growth—especially its double-digit growth in FY 2023-24. Distribution also grew extensively with Tier-2 and Tier-3 markets contributing significantly to the company’s revenues. During this period, the insurer added more than 80,000 agents. Optimizing distribution growth and refining effectiveness for better quality assumed prominence as part of this roadmap.
Technical debt quandary
With more than 300,000 insurance agents and over 50 channels, the insurer’s branch networks and distribution touchpoints across India presented new management complexities. For example, inefficiencies slowly crept in due to a rise in system siloes. Ad hoc or manual processes and calculations further complicated operations.
A second hierarchy management system from the insurer’s acquisition of another leading insurer meant additional technical and operational challenges. The casualties? Commissions, incentives, contests, and budgeting activities. Channel management bottlenecks and software vendor dependencies became the norm.
An end-to-end transformation story
Replacement of outdated systems with future-ready solutions that effectively manage distributors became the insurer’s priority. This is when C2L BIZ became the insurer’s partner of choice after an extensive comparative evaluation.
Signed in January 2024 after an intensive proof of concept (POC), the insurer’s strategic agreement with C2L BIZ covers milestone-based deployment of the SymbioSys Distribution Management Solution (DMS). SymbioSys Commission, SymbioSys Incentive, SymbioSys Contest, and SymbioSys Finance Payout, and SymbioSys Portal solutions are key components of this initiative. These ensure comprehensive Distribution Transformation across the insurer’s vast Indian distribution network.
“Today, digital empowerment of the insurer’s entire distribution team hinges on core Distribution Transformation. It ties in with the business’ ongoing quest towards better accessibility, distribution effectiveness, and higher operational efficiency. Our focus is on getting the core distribution ready to leverage the new age digital ecosystem via technological enablement of the business’ salesforce and partnerships,” said Mangesh Vaitla, the Co-Founder and Executive Director of C2L BIZ.
Performance that spans business cycles
Future-ready, end-to-end performance management using SymbioSys DMS for its channels is the insurer’s core focus—one that transcends conventional commission schemes. SymbioSys DMS delivers flexible capabilities to automate insurers operations of over 1800 incentive schemes and more than 1000 contest /campaigns.
The insurer’s holistic distribution management system optimally evaluates diverse compensations based on underlying qualitative KPIs. This aligns distribution performance with the insurer’s strategic business goals to ensure sustainable business growth.
“Transformation with SymbioSys DMS automates most commission, KPIs, Rewards and Recognition calculations with end-to-end fulfilment of all channels. More importantly, it also automates simulations to verify and improve the effectiveness of such programs. Budgeting and tracking such a sizable number of schemes at the pan-India scale is a notable outcome of this initiative,” said Vijay Chavan, the Co-Founder and Executive Director of C2L BIZ.
Extensive configurability ensures easy launch and considerable time reductions to implement new distribution contracts and arrangements. The insurer aims to significantly augment its existing network with this capability.
A future-ready transformation roadmap
Seamless integration with the insurer’s vast partner network and ecosystem is another beneficial outcome. The insurer can equip its advisors with real-time data using seamless process and data integration capabilities.
Distribution Transformation will play a key role in the insurer’s plans to increase its existing base of over 65 million customers. A game changer for the insurance leader’s distribution roadmap, the partnership with C2L BIZ empowers its vast network with innovative tools and differentiated compensation management capabilities. This transformation will power a future-ready approach to meet every evolving demand of the world’s fastest growing insurance market.
For more information about how C2L BIZ can transform your insurance business, talk to us today.
Media Contact
Sanjay Mudnaney
C2L BIZ Solutions
Tel: +91-98218-76559
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