Reduce time and cost of administering diverse types of commissions without compromising on accuracy.
SymbioSys Commission-as-a-Service is a one stop service for Insurance Distributors to configure and administer commission contracts with Insurers. It provides flexibility to define overrides on different hierarchies. The commission can also be defined using qualitative parameters like Persistency or Balance score card rating. It helps in reducing time for reconciliation with each Insurer.
SymbioSys Commission-as-a-Service has a proven track record and is being used by 14 delighted insurers across 9 countries and launched over 350 unique commission contracts processing over 12 million policies for over 5 million advisors and 100+ Distribution partners.
SymbioSys Commission-as-a-Service addresses the need of all types of insurance lines of business - Life, Annuity, Pensions, P&C, Group Life, Health and also mutual funds. It is adept at addressing unique types of commissions such as Advance, Split, Indemnified, Negotiated, Sacrificed, Enhanced, Extra, Rider(s) and on Target Premium as well. With its comprehensive design, it seamlessly ensures that even Chargebacks & Refunds are well tracked and adjusted.
SymbioSys Commission-as-a-Service is designed for the global insurance distributor needs and is proven with unique capabilities like:
Easily set up your own commission rule based on diverse parameters by each insurer and innovate with what works for your business
Ability to map each commission contract (by each insurer) to different types of hierarchy up to nth level/tier
Ability to compute commission on real-time basis for commission disclosure while capturing the application
Ability to compute commission based on policy currency, wind-back and wind-forward on specific policy events, enhance commission such as digital sale, STP etc.
Ability to auto-reconcile commissions by each insurer, resulting in saving time and efforts of your operations team
Handshake seamlessly with digital ecosystem with ready real time API interfaces.