C2L BIZ, a leader in Digital Distribution solutions, today announced the availability of SymbioSys Commission as-a-service, which can help Insurance carriers innovate commissions, with timely and accurate processing, to attract and motivate distributors. The service includes capabilities that can help Insurance carriers attract distributors thru differentiated commission, motivate distributors thru faster commission payment, drive business goals, secure high-value cases thru negotiated commission, reduce distribution operation cost.
“In today’s competitive world, ability to attract and motivate producers/partners and drive business goals, thru innovative commissions, is key to improving 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 with overrides, provide the ability to differentiate and manage exceptions, automation of chargebacks, are critical needs for Insurance carriers for faster payment with reduced distribution operation cost.
Some of the highlights of SymbioSys Commission include:
+ Ease of configuring commission definition on diverse parameters and mapping to the individual producer, partner
+ Enhance commission to drive business goals
+ Annualized/Indemnity commission with chargebacks
+ Ability to define chargeback rules on policy events
+ Ability to define commission sharing, commission sacrifice, negotiable commission on policy
+ Wind back – Wind forward of commission
+ Out-of-box API’s for integration to Portals, PAS, etc.
“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 Bhavesh Lalan, Co-founder, Chief Technology and Product Officer of 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 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 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