A fast-growing subsidiary of a leading global European Insurance provider with a presence across more than 70 countries, which is the fastest-growing top 10 Insurer in the Philippines, has chosen the C2L BIZ Solutions’ SymbioSys Distribution Management System (SymbioSys DMS) for its distribution transformation. An insurer is focusing on protection, unit-linked, and health business in the Philippines. The said insurer has an exclusive distribution partnership, with a top 5 bank, with over 600+ branches across the Philippines.
The insurer did an extensive evaluation of all global solution providers, before selecting SymbioSys DMS to help address its challenges in mitigating risks due to loss of control of intermediaries’ onboarding processes. The esteemed insurer also wanted to mitigate the operational risks by reducing semi-automated processing of commission/ allowances and all resulting errors in payouts as well. Thus, the insurer envisioned reducing its operational costs by automated processes and bringing agility (with ready out-of-the-box configurability) in implementing differentiating distribution compensations and service to its intermediaries.
The insurer also consciously selected SymbioSys DMS for its built-in data analytics capabilities that would help insurers to retain and attract top intermediaries. SymbioSys DMS is a highly configurable, proven, and off-the-shelf product based on its low code – no code design, was a key reason for making the final cut. The final mission was to rapidly transform, leveraging the proven capabilities of SymbioSys DMS, for its distribution operations and learn to improvise quickly, for the new normal.
“Balancing the distribution operational cost with the need to mitigate all operational and regulatory risks, was on the top of the mind for this esteemed insurer. Also, modernizing distribution management capabilities to improve distribution resilience for the emerging business environment was a critical business driver” said Sacchit Parnaik at C2L BIZ.
About C2L BIZ:
C2L BIZ, an Insurtech company, with state-of-the-art products focused on Digital Sales, Distribution Compensation Management, Underwriting, and Claims Management. Combining domain expertise and focus on business outcomes, we have transformed Sales and Distribution operations of over 40 Insurers across 12 countries, powered by a highly configurable, low code – no code SymbioSys product suite. With over a decade of driving innovation, Insurance companies trust C2L BIZ to deliver technologically advanced solutions and cloud services to improve competitiveness, customer, and distributor experience.
Learn more about C2L BIZ at www.c2lbiz.com