SymbioSys Commission-as-a-Service-for-Distributors

SymbioSys Commission-as-a-Service is a one stop service for Insurance Distributors to configure and administer commission contracts with Insurers. It provides flexibility to define overrides on different hierarchies. The commission can also be defined using qualitative parameters like Persistency or Balance score card rating. It helps in reducing time for reconciliation with each Insurer.

SymbioSys Commission-as-a-Service has a proven track record and is being used by 14 delighted insurers across 9 countries and launched over 350 unique commission contracts processing over 12 million policies for over 5 million advisors and 100+ Distribution partners

SymbioSys Commission-as-a-Service addresses the need of all types of insurance lines of business – Life, Annuity, Pensions, P&C, Group Life, Health and also mutual funds. It is adept at addressing unique types of commissions such as Advance, Split, Indemnified, Negotiated, Sacrificed, Enhanced, Extra, Rider(s) and on Target Premium as well. With its comprehensive design, it seamlessly ensures that even Chargebacks & Refunds are well tracked and adjusted.

SymbioSys Commission-as-a-Service is designed for the global insurance distributor needs and is proven with unique capabilities like:

+ Easily set up your own commission rule based on diverse parameters by each insurer and innovate with what works for your business
+ Ability to map each commission contract (by each insurer) to different types of hierarchy up to nth level/tier
+ Ability to compute commission on real-time basis for commission disclosure while capturing the application
+ Ability to compute commission based on policy currency, wind-back and wind-forward on specific policy events, enhance commission such as digital sale, STP etc.
+ Ability to auto-reconcile commissions by each insurer, resulting in saving time and efforts of your operations team
+ Handshake seamlessly with digital ecosystem with ready real time API interfaces

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Business Challenges

Ease of defining commission rules on diverse policy and business parameters by each Insurer
Ease of defining commission overrides on different hierarchies
Ease of administering annualized/indemnity commission and chargebacks
Time and effort required for commission reconciliation with each Insurer

Service Benefits

Attract and motivate advisors thru innovative Commissions
Drive business goals thru enhanced commissions
Secure high value/large portfolio thru negotiated commission
Auto reconciliation by each Insurer

Business Drivers

Drive agent’s behavior to achieve business goals
Timely and accurate commission payment
Automated commission reconciliation

Key Features

Configure commission rules by combination of Products, Riders, Insurer, Role, Class, Rookie status, premium, comm. etc.
Enhance commission for digital sale, STP etc.
Use external KPIs such as Persistency, BSC, Assessment Ranking to drive commission
Define Chargeback rules for policy events
Define overrides for different hierarchies
Commission split, negotiable commission
Wind back and wind forward commission

SERVICES ON MARKETPLACES

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Quick Facts

12M+

Policies Processed

350+

Commissions Processed

05M+

Advisors Processed

04+

Channels Models