SymbioSys Distribution Management Solution (DMS) is recognised by Celent as a ‘Noteworthy Solution’ for the Insurance Sector in North America
Celent Report, “Insurance Distribution Management Solutions 2022 Solution Scape: North American Edition” published in August 2022 acknowledges the solution in various categories
October 12, 2022. Mumbai. C2L BIZ Solutions, a leading Insurtech and IT solution provider with a range of innovative and state-of-the-art solutions, has been featured in the prestigious Celent Report, “Insurance Distribution Management Solutions 2022 Solution Scape: North American Edition” published in August 2022. Their SymbioSys Distribution Management Solution (DMS) has been acknowledged under the “Noteworthy Solution” category in the North American insurance market.
“We are grateful for the validation of SymbioSys DMS for the North American market as it acknowledges the fact that SymbioSys DMS has functionality that addresses the needs of local insurers, features that will help them differentiate in the market, and technology that will enable ease of integration with internal and external systems. It addresses the need for quick partner onboarding, and differentiated compensation to attract the best partners, reduces the total cost of ownership, and improves business agility while being aligned with global best practices”, says Co-Founder and Executive Director of C2L BIZ Solutions, Vijay Chavan.
The key features of SymbioSys DMS, as stated in the report, include Multiple Hierarchies, the ability to define “n” tiers and parallel hierarchies, including partners’ internal organization structure, Configuration, the ease of configuring new channels, partners, producers, and compensation rules, Commissions, the ability to define daily commission payments for newly-launched products and also cater to automated commission chargebacks on policy events.
The solution is also able to make daily or periodic basis payouts into multiple bank accounts, in multiple currencies, and can easily configure various Key Performance Indicators (KPI) on diverse parameters to monitor and track the performance of the partners and producers. It can simulate new incentive and/or contest models before launching them and discern performance analytics using dashboards, reinstates the report.
SymbioSys DMS has the enhanced ability to attract, motivate and retain partners and producers. It has the capability of aligning the sales force to company strategy with ease and driving business goals through effective performance management. Significant reduction in distribution operations cost and total cost of ownership makes it a highly viable solution.
The report co-authored by Karlyn Carnahan and Karen Monks, provides an overview of the distribution management systems available in North America, for insurance carriers. The report profiles 13 distribution management solutions, providing an overview of their functionality, customer base, technology, implementation, pricing, and support.
It is imperative for insurance companies to be on par with the changing needs of the customer and support their agents in the best way possible. Insurtech is the way to achieve this and bring about a sustainable change in the insurance ecosystem. Celent’s analysis of SymbioSys DMS reaffirms the potential of the solution.
About SymbioSys DMS
C2L BIZ’s SymbioSys Distribution Management Solution (DMS) was proposed to help the insurer reach its objective in the shortest possible time. The state-of-the-art solution with defined modules for all the set-out for functions proved to be the right fit for their needs. SymbioSys DMS is an industry-proven solution that has seen 17 insurance carriers derive measurable benefits in more than 9 countries. The solution is agnostic to the line of business and has relevant experience with Life, Non-Life, and Health Insurers. Armed with the underlying philosophy of low code- no code, SymbioSys DMS allows most functions and operations through configuration using intuitive screens. With effortless setting up of agent hierarchies, commission and other rules, payout processing, etc the solution is helping its 17 insurers already deliver strategic advantage to the distribution teams in this highly competitive market.