Overview
SymbioSys Commission is a one stop service for Insurance Distributors to configure and administer commission contracts with Insurers. It provides flexibility to define overrides on different hierarchies. The commission can also be defined using qualitative parameters like Persistency or Balance score card rating. It helps in reducing time for reconciliation with each Insurer.
SymbioSys Commission has a proven track record and is being used by 14 delighted insurers across 9 countries and launched over 350 unique commission contracts processing over 12 million policies for over 5 million advisors and 100+ Distribution partners.
Availability:
On Premise
On Cloud
FUNCTIONAL OVERVIEW DIAGRAM
Business Challenges
- Ease of defining commission rules on diverse policy and business parameters by each Insurer
- Ease of defining commission overrides on different hierarchies
- Ease of administering annualized/indemnity commission and chargebacks
- Time and effort required for commission reconciliation with each Insurer
Business Drivers
- Drive agent’s behaviour to achieve business goals
- Timely and accurate commission payment
- Automated commission reconciliation
KEY FEATURES
- Configure commission rules by combination of Products, Riders, Insurer, Role, Class, Rookie status, premium, comm. etc.
- Enhance commission for digital sale, STP etc.
- Use external KPIs such as Persistency, BSC, Assessment Ranking to drive commission
- Define Chargeback rules for policy events
- Define overrides for different hierarchies
- Commission split, negotiable commission
- Wind back and wind forward commission
Business Benefits
- Attract and motivate advisors thru innovative Commissions
- Drive business goals thru enhanced commissions
- Secure high value/large portfolio thru negotiated commission
- Auto reconciliation by each Insurer
Case Study
Excellence is not attained in a day! Our teams have worked beyond expectations to attain in-depth knowledge and offer customized solutions to our clients and partners. We carefully analyse our reach and every strategy to stay true to the time.
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