In the highly competitive insurance industry today, each life insurance company must have an efficient distribution channel. It is a huge challenge for companies across the globe to get the most out of their various distribution agencies. There are several factors involved in the effective management of these channels for various lines of businesses such as Life, Annuities, etc, and they can be extremely resource consuming.

Life insurance companies need a robust agency management system, which can streamline all the processes involved in managing their distribution. This enables the companies to focus on improving enterprise-level performance to enable growth activities.

Solutions
NIIT Technologies has in-depth knowledge of the insurance industry. We offer a complete range of solutions to help streamline your channel management process. Some of the solutions we offer are:

• Streamlining of quoting, rating and submission procedures for agents
• Designing of new and innovative compensation plans
• Support for multiple distribution channels
• Maintenance of channel and producer data
• Calculation and administration of compensation
• Analysis of performance and profitability by plan, channel and producer

Business Benefits

NIIT Technologies enables effective agency management and brings these business benefits:

• Streamlined agency management system, which includes agency sets, compensation management systems and agency payroll management
• Transparent quotation comparison facility for customers, where they can submit quotes online to the respective service providers
• Time and cost savings through real-time processing for agent appointments and licensing

Success Stories

Quotation Comparison Facility

NIIT Technologies developed a Quotation portal for Life and Pensions for a large network of Independent Financial Advisors (IFAs), providing both Internet and interactive digital TV access. The portal offered customers the quotation comparison facility, through which they can choose the best quote and submit it online to the respective provider.

Impact

• A user friendly portal that enabled ease of navigation
• Flexibility for adding new channels, product lines and providers
• Transaction driven dynamic display of content

Commission Systems Modernization for a global financial services company

NIIT Technologies developed an online ‘Commission Statements’ application used by the field representatives, for one of its clients, a global financial services giant. The client had over 10,000 Independent Registered Representatives, who were managed by a third party vendor. NIIT technologies brought the application inhouse and hosted it through their existing web portal.

The new solution was built using ASP.NET 2.0 and Oracle 9i, and aligned to the technology roadmap of the organization. With the new system, NIIT Technologies also brought in changes in the existing business processes making them more efficient, simple and by eliminating redundant processes.

Impact

• Improved availability of the Commission Statements application, meeting the organizational goal of having application up-time to be more than 99.9%
• Reduced ‘time-to-market’ for products, as all changes or additions can now be handled inhouse
• Improved business processes, as redundant processes were eliminated from the application cycle, saving processing time and storage requirements

Wealth Management

NIIT Technologies worked with one of the largest global insurance companies in the US to manage their agency management systems encompassing Agency Sets, Compensation Management Systems, and Agency Payroll Management.