SymbioSys Incentive-as-a-Service for Distributors
SymbioSys Incentive as a Service is a one stop service for Insurance distributors that provides flexibility to address your business needs and thus ensures that the incentives work completely for their desired objectives. Said Service uniquely addresses the incentive needs of all types of insurers policy contracts, esp. Life, Annuity, Pensions, P&C, Group Life & Health. It ensures, all your advisors are well motivated to deliver the results.
SymbioSys Incentive has a proven track record and is being used by 14 delighted insurers across 9 countries and powers over 500 unique incentives. It is capable of handling high volumes – with over 10 million policies processed and over 5 million advisors and 100+ distribution partners, processed across all implementations.
SymbioSys Incentive as a Service is designed for the global insurance distributions needs and is proven with unique capabilities like:
+ Easily set up innumerable types of innovative Incentives with an ability to define weightages for products of insurers, driven by your business goal
+ Powerful rule engine to design various incentive and even performance metrics (KPI’s) needed for your goals.
+ Create several KPI’s and even combinations there-of, for each incentive
+ Ability to map each Incentive to different hierarchy levels
+ Extend the information in real time to advisors, to create the necessary motivation and competitive zeal for excelling their performance
Experience new levels of operational effectiveness powered by SymbioSys Incentive as a Service capabilities to:
+ Proactively publish the performance data with advisors to deliver better result
+ Simulate/Conduct test runs in advance to test out the impact of the new incentive
+ Dry-run to allow easy verification before the final output
+ Learn, Refine & Optimize parameters to maximize the impact of incentive
+ Reusability of the rules / programs to design quick variants of the incentives
+ Handshake seamlessly with digital ecosystem with ready real time API interfaces
Time and cost to launch new incentive
Manual incentive computations due to system limitations
Computational errors leading to dissatisfaction
Computation on consolidated business from all Insurer’s with different product weightages
Attract and motivate advisors thru innovative incentives
Drive product sales thru weightages by premium and insurer
Improve sales thru catch-up feature, periodic information sharing
Drive competitive advantage thru reduced operation cost
Reduce distribution operation cost
Quick launch of incentives
Faster incentive disbursement
Enhance adaptability thru different types of year, block of business, cooling-off period, review period, weightage by Insurer etc.
Change an on-going incentive definition and/or parameter(s) from effective date with versioning.
Waiting period to manage peak volume
Dry run to publish intermediate results