END TO END AUTOMATED IFA CHANNEL REGISTRATION AND ADMINISTRATION MODULE

ABOUT CLIENT

One of the leading Japanese Life Insurer which is a part of HK headquartered insurer who has been assigned strong financial strength ratings by International agencies like Moody’s and Fitch.

CHALLENGES

• Existing Policy Admin System, unable to administer end to end distribution compensation needs
• Challenges to onboard diverse channels/partners in a short time
• Unable to support assessment ranking-based compensations comprehensively
• Build robust distribution pay-out management to meet the rapid growth

C2L BIZ SOLUTION

• End to end automated IFA channel registration
  and administration module
• Easily configurable IFA based on different Rank, Rate, Commission Payment Type and QC(Quality), Assessment payment rate was derived based on rules
• Unique monitoring and administrative hierarchy was set up for the IFA’s
• Seamless Integration with multiple external systems beyond PAS for sourcing different ranks, rates, Commission Payment Types and QC(Quality) etc
• Automated Processes allow the setting up of Jobs to be executed on a Monthly and Yearly basis and based on the Payment cycle

BUSINESS NEED

• Independent channels and brokers registration and maintenance
• Hierarchy Management for multiple IFA’s and another monitoring channel
• Capabilities to reduce time to market for new channel partners
• Each agency/tied agent has multiple assessments which are sourced from external systems

SERVICES DELIVERED

• SymbioSys DMS Implementation and Integration with core systems
• Distribution Operations Transformation
• Post Implementation Warranty and production Support Services

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

• Automations in monitoring diverse producing and monitoring channels in a unified system.
• Reduced time to launch assessment-ranking based compensations
• Seamless digital communication, statement of Accounts and self servicing
• Nearly 4000+ partner agencies and 3 broker agencies registered since the launch of the business and are regularly administered in the system.
• 50% drop in Payout time