SymbioSys Distribution Management-as-a-Service

SymbioSys Distribution Management-as-a-Service is a unified service to manage registrations, various types hierarchies, agent movements, performance, persistency, advisor classifications and rating, incentives, contests/campaigns, compensation and Finance for multiple distribution channels (captive agency, BANCA, brokers, IFA’s etc) across various Lines of Business (Life, Group Life, Health, P&C). It provides a lot of power & flexibility to drive your business strategies based on the priority – like pay commission on daily basis/frequency desired by business, offer incentives for digital sales, segment-based compensation rules, newly evolving distribution channels etc.
SymbioSys Distribution Management has configured 1000+ unique rules for various KPIs, performance and compensations across its 13 implementations. It has processed 2+ million payees across channels. It enables insurers to launch new channel partner in <5 days.

SymbioSys Distribution Management is designed for global insurance distribution needs with unique capabilities like:

Hierarchy Management
Manage all possible types of hierarchies (reporting, monitoring, geographical, recruitment etc) as per your designations with absolutely no restrictions for contract management, regulatory rules, license managements, & payment credentials
Empower senior team to digitally onboarding new advisors along with capabilities to automate all types of movements of advisors & portfolio based on your own rules

Performance management
Create & monitor various types of KPI’s based on inputs from Policy, Premium, Commission, Agent, lead, & activity but also for various unique KPI’s based on different types of Persistency, hierarchy, segmentation rules
Leverage Balanced Score Card approach for performance tracking & rewarding to ensure that performance is tracked & aligned to business goals
Do not treat all agents alike, but reward high performing agents based on the true value to organization

Compensation management
Reduce time & cost of administering diverse types of compensations accurately
Dynamic Rule engine driven compensation computation for faster adaptation to emerging types of compensations, pay-outs
Ensure compensations are truly helping in achieving business objectives
Reduced risk of compliance failures due to the siloes & manual interventions

Finance Management
Automate ability to create a bank file for payments ready with local taxations, rules, & schedules of choices
Effectively improve ability to track, control & administer adjustments, write-offs, payments hold & release systemically with minimal manual interventions

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Business Challenges

Inability to provide differentiated commission / incentive, pay-out schedule to attract and retain key distributors
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 distributors 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
Motivate top partners / agents
Improve quality of sales (persistency / balance score card)

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
Discerning Analytics
Performance analytics using dashboards
What-if Model
Simulate new incentive and/or contest models before launching them

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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