SymbioSys Distribution Management-as-a-Service for Distributors

* – This service is for distributor partner organizations only.

SymbioSys Distribution Management-as-a-Service is a unified service to manage registrations, hierarchies, agent movements, performance, persistency, advisor classifications and rating, incentives, contests/campaigns, payments and Finance.

The Insurance distributors (Brokers, Corporate agencies, Banks, IFA’s etc.) can process compensations for various Lines of Business (such as Life, Annuity, Pensions, Group Life, Health P&C) thru seamless integration with Insurers. It provides a lot of power and flexibility to drive your business both as aligned to Insurer’s plan and overall business, across insurers. The compensation rules can be defined by Insurer to align your agreement with Insurer.

SymbioSys Distribution Management has proven track record of processing over 350 unique commission contracts, 500+ incentives, for over 10 million policies, 5+ million advisors and 100+ distribution partners.

SymbioSys Distribution Management-as-a-Service is designed for the global insurance distribution needs and is proven with unique capabilities like:

Hierarchy Management
Capability to maintain various hierarchies(reporting, monitoring, geographical, recruitment etc.) and designations
Handle automated movements of advisors and portfolio

Performance management
Ability to configure persistency for each Insurer in alignment with Insurer’s criteria or at an overall business level
Persistency configuration for Fixed & Rolling block
Balance Score Card based evaluation based on qualitative parameters
Automated rules based on Agent Segmentation
Dry runs to monitor the progress on Targets and goals set
Reconciliation of persistency ratio with each Insurer

Compensation management
Configure commission rules either by each Insurer for each product or at an overall level
Ability to launch contest for each Insurer in alignment with Insurer’s criteria or at an overall level with different weightages for products of each insurer
Ease of configuring incentives with different weightages for products of each insurer
Reconciliation with commissions received from each Insurer

Finance Management
Ability to generate bank file considering the local taxation rules, payment schedules
Ability to manage adjustments, write-offs, payments hold & release etc.
Handshake seamlessly with digital ecosystem with ready real time API interfaces
All of this comes with multi-lingual and multi-currency support

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Business Challenges

Inability to provide differentiated commission / incentive, pay-out schedule to attract and retain key advisors
Manual and/or 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 advisors for higher performance
Timely and Accurate processing

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

Business Drivers

Attract new distribution partner and agency force
Promote digital sales and drive distributors behavior to achieve business goals
Motivate top partners / agents
Improve quality of sales (persistency / balance score card)
Curtail fraudulent behavior

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
Commission Reconciliation
with commission received from each Insurer Carrier
What-if Model
Simulate new incentive and/or contest models before launching them

SERVICES ON MARKETPLACES

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Quick Facts

1K+

Configured unique rules for KPIs, performance and compensations

02M+

Payees processed

05+

Average number of relationships for computing performances and compensations

<05+

Days to launch a new channel partner