Overview
One of the fastest growing Digital Insurance company in South East Asia with a line of business spanning Non-Life Insurance, Medical Insurance, Corporate health insurance. Insurer has been Awarded with ‘23rd Asia Insurance Review Award, Singapore for being the “Non-Life Insurance Company of the year 2019”.
Challenges
- Set up Distribution Management System in a short time for unique Non-Life Insurance partnership needs
- Commission sharing across multiple Payee (%) & Pay-out IDs
Tracking various documents required during onboarding and payments that were managed manually. - Tracking commission rates negotiated by the sales team across the country over emails was a mammoth task for HO. This led to a lot of manual errors and dissatisfaction among the partners/agents.
- Managing scheduled and invoice-driven payouts
Business Needs
- Quick onboarding of partners and agents with flexible hierarchy and tracking of the required documents.
- E-Mail based Information dissemination
- Workflow driven approval for negotiated commission rates
- Allowing commission rates to be negotiated within the range prescribed by HO and any exceptions will come to HO for approval.
- Since negotiated commission rates could be finalized anytime during the month regardless of when the policy is issued during the month, commission calculation / re-calculation was needed with accurate posting for payments and the GL system.
- To host applications on cloud infra (AWS)
C2L BIZ Solution
- Partner/Agent Registration with workflow and interfacing to other applications. Able to capture multiple types of hierarchy and each hierarchy can be up to nth tier.
- Integrations are established with multiple in-house systems and with external Regulatory body. These integrations are either Real-time or scheduled batch. The integration with the Regulatory body is to validate the personal ID of the agent during the onboarding process.
- Automated workflow for approval of negotiated commission rate within prescribed limits and exceptional approval for outside prescribed limits with a complete audit trail.
- Multiple commission calculations during the month with differential commission posted to finance on every calculation for a policy.
- Configurable Performance Management for automated Career Progression across Distribution Team
- Integrated with AWS document management to maintain and track various documents required for registration, invoicing etc.
- Configured payment schedules to automate processes as well as tracking invoice-based payments.
- Deployed the application on AWS
Benefits
- Around 1.5+ million individual payments have already been done
- Ease of splitting multiple Pay-outs & pay-out percentage
- Flexible & Periodic workflow-driven update/approval on Commission Rate with proper Audit Trail maintained. Thus, reduction in lots of errors in commission amounts and adjustments before and after payment cycles.
- Decrease in Payment Verification time from 3 days to 1 day by Automated Bank file generation on a daily basis
- Uploading the invoices for Outstanding Pay-out Tracking & Release
- Flexible payment cycles – Weekly Commissions and Monthly Compensations
Services Delivered
Distribution Product Implementation and Integration Services
Comprehensive Business Solution to handle Performance Management
Synchronization of documentation on AWS
Result
3+ Yrs
In Production
Usage
2.5K+
Active Agencies
/Partners
15+
Active
Banks
45K+
Active
Agents
20+
Channels
2 MN+
Policy volume
per month
57K+
Payouts
per month
1K+
Active Employees monitoring
the performances of Agencies,
Partners, Banks and Agents
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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