Overview
SymbioSys Hierarchy Management is a powerful service that enables the insurance carrier to manage multiple complex hierarchies (like reporting, monitoring, recruitment, geographical, etc.) with no limitations on the number of tiers. This helps in ease of overrides computation, ease of administration and incentivization, automated hierarchy changes based on events like Termination, Promotion etc.
It is a unified service that supports Life, Annuity, Pensions, P&C and Health lines of business. SymbioSys Hierarchy Management is extensively used by 14 delighted insurers across 9 countries. It has managed over 5 types of different hierarchies for 4+ channel models.
Availability:
On Premise
On Cloud
Business Challenges
- Ability to define and administer multiple hierarchies with ‘n’ tiers
- Ease of having unique hierarchy by Channel or Partner
- Insurer parallel hierarchy along with distributor hierarchy for effective monitoring
- Automated hierarchy changes on Agency movements
- Maintain proper audit trails for all changes in hierarchy with effective dates
Business Drivers
- Ease of defining unique hierarchies by partner for performance monitoring and to pay overrides
- Automated changes to hierarchy on agency movements based on pre-defined rules
- Ease of viewing hierarchy on any given date
- Timely communication to people impacted by change in hierarchy
Key Features
- Multiple types of hierarchies such as reporting, monitoring, recruitment, geographical, Account Manager etc. with unlimited tiers
- Can create parallel hierarchy for distributors
- Graphical view of hierarchy
- Change/add designations in hierarchy
- Transfer of entity within or across hierarchy
- Termination and portfolio transfer
- Ability to define “team” for specific opportunity
- Maintains audit of changes by effective dates
Business Benefits
- Quick introduction of channel or onboarding of partner with specific hierarchy
- Automation of override payments based on hierarchy definition
- Ease of defining target and monitoring performance both for distributor and Insurer based on different hierarchies
- Ease of configuring adhoc “team” for specific purpose
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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