Distribution and Compensation Management
Large and Mid-sized insurance carriers are exploring multiple ways to improve their sales and thereby financial growth. Producer experience, along with enabling sales stakeholders with multiple channel access is key to a carrier's success. This blends in well with analytics and optimization solutions across the IT landscape, which helps the carriers come up with appropriate projections, decision-making, and process automation.
Producers are business enablers for any large Life & Annuities (L&A) carrier - with seamless management of producer incentives and commissions a key success factor for their business growth.
Some of the key capabilities of modern distribution & compensation management systems include:
- Streamlining compliance activities of producers by jurisdictions and lines of business, including integration with National Insurance Producer Registry (NIPR)
- Segmentation of producers to enable targeted offerings
- Ability to develop complex and innovative compensation plans – commissions and secondary compensation
- Flexible payment frequencies and payment options
- Easy to use user interface to manage distribution hierarchies across channels and lines of business
- Analytics to measure product performance, productivity, and profitability
Our L&A domain and product experts have expertise in leading distribution and commission solutions and work closely with the industry to build relevant growth accelerators. For example, the insurance accelerators include a focused producer experience platform, cognitive machine vision-based solutions, predictive analytics-based enablers, and a Pega based underwriter workbench.
Coforge’s accelerators help the carriers with their strategic vision and IT roadmap, thereby enabling them to achieve growth outcomes. Our insurance growth accelerators are categorized in four ways—Platform, Optimize, Experience, and Analytics. Our deep domain expertise in the L&A insurance space helps us understand the key challenges of the insurance carriers. These solutions provide result-oriented benefits to carriers. Examples include improved customer journey, cost optimization, landscape simplification, and improving overall growth.