“SymbioSys Commission-as-a-Service” brings the dynamism in managing negotiated commission that is required in the Indian Insurance market to attract distributors, drive business goals, secure business, and reduce distribution operation costs.
C2L BIZ, a leader in Digital Distribution solutions, today announced the availability of SymbioSys Commission as-a-Service for the India market, targeted specifically at non-life Insurance carriers. The Commission Service will bring the dynamism in managing negotiated commission that is required in the Indian Insurance market to attract distributors, drive business goals, secure business, and reduce distribution operation costs.
“In today’s competitive world, especially in the non-life Insurance industry, tremendous flexibility is demanded to change commission rates on the fly, almost on daily basis, to secure business and improve top-line,” said Ajay Chaudhary, Product Head – Distribution for C2L BIZ. “We strive to continuously enhance our solution capabilities to provide our clients with an ability to innovate while capturing unique nuances of global insurance markets”.
The ability to process different types of commissions, provide the ability to differentiate and manage exceptions, automation of clawbacks, are critical needs for Insurance carriers for faster payment with reduced distribution operation cost.
Some of the highlights of SymbioSys Commission include:
- Ability to compute commissions basis product lines. E.g., in the case of the motor, it could be using a grid having parameters such as vehicle type, make-model, RTO, Add-on, multi-year, etc. In the case of health, it could be driven by cover amount, business type (new, renewal, port), etc.
- Ease of configuring commission definition on diverse parameters and mapping to even individual producer, partner, IMD, etc.
- Ease of changing commission rates at the point of sale, for a specific deal, for a finite time, for a partner
- Ability to recalculate commission at a periodic frequency and pay the difference if any
- Out-of-box APIs for integration to Portals, PAS, etc.
- Part of computed commission released, basis invoice submitted, and balance by auto payout cycle. GL posting is also managed accordingly.
“These features have been put into use by our clients to drive sales, attract distributors and improve distributor experience. Our customers configure commission rules on their own, as the Commission Configuration is simple to use and intuitive,” commented Sumanas Kar, Vice President – Business Development at C2L BIZ.
The Commission processing is used by 16 Insurers, who have already configured over 1,000 commission rules and processed over 100mil commission transactions per year.
About C2L BIZ:
C2L BIZ, an InsureTech, 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 the Sales and Distribution operations of over 40 Insurers across 12 countries, powered by a highly configurable, low code SymbioSys product suite. With over a decade of driving innovation, Insurance companies trust C2L BIZ to deliver technologically advanced solutions to improve competitiveness, customer, and distributor experience. Learn more about C2L BIZ at www.c2lbiz.com