Overview
SymbioSys Commission-as-a-Service is a one stop service for Insurers to ensure all types of simple and complex commission contracts can be configured and administered. Over a period, commission has evolved a lot and is paid on various qualitative measurement indicators viz. Assessment Ranking, BSC (Balance Score Card) and Persistency. To meet the desired business objectives of an Insurer and at times the regulatory compliance, the Service ensures that commissions are computed accurately. 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. SymbioSys Commission-as-a-Service addresses the need of all types of insurers - Life, Annuity, Pensions, P and C, Group Life and Health. 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 and Refunds are well tracked and adjusted without adding any overload to the distribution operations team.
SymbioSys Commission-as-a-Service is designed for the global insurance distribution channel needs and is proven with unique capabilities like
- Easily set up your own commission rule based on diverse parameters and innovate with what works for your business
- Ability to map each commission contract to different types of hierarchy and up to nth level or tier.
- Ability to compute commission on real-time basis for commission disclosure while capturing the proposal.
- 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.
- Handshake seamlessly with digital ecosystem with ready real time API interfaces.
Highlights
- Configure commission rules by combination of Products, Riders, Partners or Brokers, Role, Class, Rookie status, premium, comm. etc.
- Enhance commission for digital sale, STP etc,Use external KPIs such as Persistency, BSC, Assessment Ranking to drive commission, Define Chargeback rules for policy events
- Define overrides for different hierarchies, Commission split, negotiable commission, commission in policy currency, Wind back and wind forward commission
Details
Features and programs
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Pricing
Dimension | Description | Cost/month |
|---|---|---|
Initial Setup Fees | Initial Setup Fees for the number of months of implementation | $1,550.00 |
Subscription Fees GoLive | Subscription Fees - Post Go-Live | $1,050.00 |
The following dimensions are not included in the contract terms, which will be charged based on your usage.
Dimension | Cost/unit |
|---|---|
Upfront_Fees | $4,000.00 |
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