SymbioSys Sales Tool (POS) solution by C2L BIZ recognized by Celent as a “Technology Standout” for the Insurance Sector in North America
Celent Report, “Life Insurance Digital Point-of-Sale Platforms: North American edition” published in September 2022 acknowledges the solution
October 26, 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, “Life Insurance Digital Point-of-Sale Platforms: North American edition”, published in September 2022. Their SymbioSys Sales Tool (POS) solution has been acknowledged under the “Technology Standout” category in the North American insurance market.
“Being named as a “Technology Standout” by Celent acknowledges the modernity of the SaaS-based, API-enabled microservices architecture in the SymbioSys Sales tool,” said Karen Monks, Senior Analyst at Celent. The ease of configuration of the low-code platform contributed to the high technology score, states the report.
SymbioSys Sales Tool (POS) is a comprehensive SaaS-based sales enabler that empowers producers to manage the end-to-end sales process—from lead activity financial need analysis, product recommendation, sales Illustration, e-application including documents and signature capture, field underwriting and payment processing—on a hand-held device in both online and disconnected mode.
“There is an excellent opportunity to enhance the customer experience in the North American market, as digital adoption at the Point of Sale is very low. This has resulted in a high NIGO rate and a longer duration to issue policies. The implementation of end-to-end digital POS solutions like SymbioSys Sales Tool will improve distributor productivity, customer experience, significantly reduce policy issuance time and cost of new business acquisition. We are extremely delighted with this recognition by Celent. It is an acknowledgement for the highest level of configurability in product configuration, illustration modeling, ease of integration, comprehensive APIs that provides flexibility to insurers to build their own UI/CX, etc.“ explains Vijay Chavan, Co-Founder and Executive Director of C2L BIZ Solutions.
The report illustrates that SymbioSys Sales Tool provides the widest OS support, OCR for document capture, remote customer collaboration, extensive configurability for faster time to market, and maximum offline capabilities that include offline field-underwriting for quick sales closure. The standard/sub-standard case decision is given on the field with an ability to load the cases automatically using an in-built underwriting engine, calculate risk premium and generate a counter offer for customer approval. The API-enabled microservices architecture enables insurers to become digital-ready faster. It is a one-stop service that supports life, annuity, pensions, and health products, in multiple languages and currencies. The solution has been designed with best-of-breed low-code/ no-code designs using the industry’s security best practices and implemented securely with proper input and output validation to minimize vulnerabilities.
The report authored by Karen Monks profiles 11 life insurance digital POS platforms marketed in North America providing an overview of their functionality, customer base, technology, implementation, pricing, and support.
As insurers expand their use of digital distribution channels and available choices increase, understanding the vendor solutions available to them is increasingly important. Ease of integration, easy-to-use interfaces for consumers and agents, an enhanced ability to use data, and microservices architecture are increasingly seen as high-value features of digital POS platforms.