Overview
SymbioSys Distribution Management is a unified service to manage registrations, various types hierarchies, agent movements, performance, persistency, advisor classifications and rating, incentives, contests/campaigns, compensation and Finance for multiple distribution channels (captive agency, Bancassurance, brokers, IFA’s etc.) across various Lines of Business (Life, Group Life, Health, P&C). It provides a lot of power & flexibility to drive your business strategies based on the priority – like pay commission on daily basis/frequency as desired by business, offer incentives for digital sales, segment-based compensation rules, newly evolving distribution channels etc.
SymbioSys Distribution Management has configured more than 1000 unique rules for various KPIs, performance and compensations across its 13 implementations. It has processed over 2 million payees across channels. It has enabled insurers to launch new channel partner in less than 5 days.
Availability:
On Premise
On Cloud
Functional Overview Diagram
Business Challenges
- Inability to provide differentiated commission / incentive, pay-out schedule to attract and retain key distributors
- Multiple disparate systems operating in silos
- Inability to track complete audit and process control to the channel compensations and movements.
- Inability to launch innovative contests, provide up-to-date status to motivate distributors for higher performance
- Timely and Accurate processing
Business Drivers
- Attract new distribution partner and agency force
- Promote digital sales
- Motivate top partners / agents
- Improve quality of sales (persistency / balance score card)
KEY FEATURES
- Multiple Hierarchies ‘n’ tiers and parallel hierarchies including partner’s internal organization structure
- Configuration Ease of configuring new channels, partners, producers,
compensation rules - Agent Payment Distribution into multiple bank accounts, multi-currency
- Commission Daily commission payments for newly launched product
- Discerning Analytics Performance analytics using dashboards
- What-if Model Simulate new incentive and/or contest models before launching them
Service Benefits
- Significant reduction in cost of Distribution Management
- Enhanced ability to attract and retain partner
- Improved time to market for launch of innovative contests / Incentives
- Ease of aligning sales force to company strategy
- Improved time to market for launch of new channels / partners
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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