HOW A LEADING MALAYSIAN INSURER LEVERAGED SYMBIOSYS DMS FOR ENSURING REGULATORY COMPLIANT COMPENSATIONS?

ABOUT CLIENT

A leading international financial services organization, with a strong reputation for business practices, community contributions and sustainability. The company provides a diverse range of protection and wealth products and services to individuals and corporate customers. It has been named as one of the Global 100 Most Sustainable Corporations in the World.

CHALLENGES

• Integration with multiple Policy Admin Systems (PAS)
• Significant issues on Quality of Policy Data for migration,
• Majority of Agency data (for migration) was maintained manually
• Regulatory Stringent deadline for implementation of Balance Score Card (BSC) requirements
• Requirements were evolving based on inputs from Regulator

C2L BIZ SOLUTION

• Transformed the existing manual distribution operations with SymbioSys DMS Best Practices including payouts by Finance department
• Leveraged C2L BIZ’s proven Migration and Integration methodology along with Migration layer / Interface mapping template for faster and predictable historical data migration
• Robust SymbioSys DMS configurator helped in accommodation of dynamically evolving based on Inputs from Regulator
• An agile and strategic platform to adapt to evolving needs for adding new partners/ evolving regulatory changes, rapidly and with unique differentiations

BUSINESS NEED

• Transform manual distribution operations into an Integrated, rules driven, workflow enabled and agile operations
• Implement Balance Score Card based channel compensation before the regulatory deadline
• Provide consolidated and up to date information for powering the channel portal with self service capabilities
• Ensure accurate and on-time compensation payments to their Partners and Sales Team

SERVICES DELIVERED

• Product Implementation, Migration and Integration Services
• Distribution Operations Transformation
• Post Implementation Warranty and Production Support Services

Results: Doubled Code Coverage in a Fraction of IMPACT / BENEFITS

• Not only successfully rolled out Balance Score Card (BSC) based compensation models as per regulatory needs but also provided a platform to evolve the same with emerging market leaning
• Over Three hundred thousand payable transactions handled, while standardizing the process for Partner pay-outs
• Improved channel Self Servicing with more real-time and accurate data provided to Channel Portal
• Over 300+ Key performance Indicators (KPI) were implemented