LEARN HOW TO LEVERAGE MILLENNIAL AS A NEW CHANNEL WITH INNOVATIVE INSURANCE PERFORMANCE LINKED SALARIES

ABOUT CLIENT

A rapidly growing Indian Life Insurer, our client is a JV a Europe-based insurer and a leading Indian Retail group. Our client has pioneered many initiatives in the distribution of insurance through malls and also through conventional agency and partner channels. It had evaluated various options and had unfavourable experience with a past solutions being used for the channel management.

CHALLENGES

• Adapting new business to meet the
  unique needs of diverse partners and their compensations.
• Effectively and efficiently handle the diverse geographical and internal monitoring structures in addition to regular reporting hierarchy.
• Efficient integration with Policy Admin Systems Viz Life Asia / Group Asia & Finance GL
• Need to handle multiple exception scenarios and dynamically evolving channel contestS and awards.
• Significant issues on Quality Of Data for migration
• Implementing complexity of 1M channel and salary calcul ations basis targets.

C2L BIZ SOLUTION

• Transformed the existing manual distribution operations with SymbioSys DMS Best Practices
  including pay outs and taxation 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 diverse types of contests & awards, incentives & benefit.
• A solution to adapt to evolvingneedsfor adding new channels/ partners with unique differentiations.
• Seamless configuration of new 1M channels and targets basis Salary calculation using SymbioSys platform s robust rule engine

BUSINESS NEED

• Transform manual distribution operations into an Integrated, rules driven, workflow enabled and agile operations including pay outs and taxation.
• providing comprehensive Channel
  management for all the existing channels Agency , Mall assurance, Partners, Brokers etc.
• Diverse Performance measures, and verifying against Targets and flexibility to define diverse types of contests, benefits, awards.
• Transforming into a configurable & automated calculations from manual, erroneous and time – consuming salary calculations.

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

• Improved operational efficiency by reducing manual intervention of users. Today,the organization’ s entire distribution operations can be managed by a team of less than five people
• Easy to launch new channels, partners, producers vis-ä-vis diverse products scalability validations which could be done by business users thus reducing the dependence on IT
• provided a robust performance criteria definition, using unique KPI engine for defining eligibilities and calculations of all different types of contests, awards, benefits in a unified and re usable manner.
• Multiple dry runs enable our client to validate impact Of payouts before the final run
• Integrated Channel Management Solution which replaces existing system Insure connect