A top Indian general insurer clocked over 20% growth year on year as its direct premiums grew upwards of INR 75 billion in FY 2023-24. To sustain this impressive growth, its next big leap demanded extensive distribution optimizations for the next phase of exponential scaleups. C2L BIZ became a partner of choice at this point to accelerate the insurer’s readiness for its business goals using Distribution Transformation.
A joint venture between a trusted Indian conglomerate and a leading Japanese non-life insurance company, the insurer offers a wide range of insurance products. This product line spans Motor, Health, Property, Accident, Engineering, Liability, Marine, Travel and Crop insurance for individuals as well as corporates. The insurer has more than 200 branches and over 30,000 intermediaries across India. Its balanced distribution strategy focuses on Bancassurance, financial partners, vehicle OEMs, agents, and brokers.
Future readiness became key for the general insurer’s immediate goal to capture a double-digit share of the Indian insurance market. This enforced the business’ need for stronger channels and newer lines of business driven by technological innovation. Distribution Transformation proved essential to remove legacy system bottlenecks. It became key to streamline compensation management, producer productivity, and enhance business insights.
Debts of legacy
The general insurer’s next scale of growth meant faster channel launches, partner onboarding, differentiated partner compensation, and seamless ecosystem integration. Yet, operational and system siloes gradually created hindrances for the business’ future roadmap.
Manual processes alongside spreadsheet-based calculations crept into operations to fill in the gaps and limitations. Design limitations of the Policy Administration System (PAS), distribution systems silos, as well as hard-coded integration with partners and ecosystems translated to further delays. The casualties? New launches, channel model innovation, compensation plan, and onboarding times.
New challenges for effective monitoring and controls like IRDAI’s Expenses of Management (EoM) regulations mandated a recalibration of the insurer’s distribution and operational tracking strategies. Extensive audit trails and tracking of overall limits in line with approved Board Guidelines became critical.
Post an extensive evaluation exercise with Proof of Concept (POC) stages, C2L BIZ emerged as the insurer’s transformation enabler of choice. Leveraging SymbioSys Distribution Management System and SymbioSys eOnboarding solutions to bring in ready best practices for quicker adoption was decided as the way forward. “While SymbioSys Suite was found to be an ideal Distribution Transformation enabler of choice for the insurer’s business needs, C2L BIZ’s team’s ability to assure successful outcomes aligned seamlessly with the general insurance major’s business goals,” said Mangesh Vaitla, the Co-Founder and Executive Director of C2L BIZ.
Sustainable innovation for growth
The insurer’s Distribution Transformation project streamlines compensation calculations and hierarchy maintenance using an automated, configurable system. SymbioSys DMS eliminates silos, automates handshakes, and addresses limitations of the insurer’s traditional systems.
End-to-end control over incentive configuration without C2L BIZ dependencies is a salient outcome. This reduces turnaround times for new schemes or channel launches. Extensive configurability empowers the insurer to set up unique KPIs, track effectiveness, and tailor compensations much faster. This enables differentiated commissions, incentives, contests, and channel models for high-performing partners and agents.
SymbioSys Distribution Management System also streamlines various agent onboarding processes. Ready APIs and a powerful integration layer enable the insurer to seamlessly connect with partners and industry platforms.
The General Insurance leader’s faith in SymbioSys Distribution Management System is a testament to SymbioSys’ superior functionality, powerful market leading functionality, ease of integration, and proven track record. It reaffirms the C2L BIZ team’s extensive experience with global insurance leaders in managing sustainable, future-ready Digital Distribution Transformation.
For more information about how C2L BIZ can transform your insurance business, talk to us today.
Media Contact
Sanjay Mudnaney
C2L BIZ Solutions
Tel: +91-98218-76559
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