Elixir Distribution Management - An agile approach to managing distribution complexity and dynamism

A highly configurable and scalable end-to-end distribution management system designed specifically for life and non-life insurance carriers.

Product Overview

The insurance distribution scenario is dynamic and complex. Insurers are looking at ways to cope with multiple distribution channels, multi-dimensional relationships and hierarchies. Other challenges lie in the labour intensive management of a large distribution sales force, regulatory compliance, performance monitoring and motivation initiatives. Tackling these challenges require automation, agility and innovation without sacrificing compliance.

Elixir Distribution Management (EDM) has been specially designed to support these requirements and meet the demands of today’s carriers. EDM not only provides functional enrichment but is also ahead in technological aspects. Built on the Service Oriented Architecture, the system is integrated with a standard rules engine that can be ported across databases and application servers.

EDM a highly configurable platform, quick and easy to integrate within the carrier’s system landscape. Market-ready with E-services support, it comes with an extremely intuitive user interface.

Product Highlights

Agent Life Cycle Manager: Provides for complete E-2-E management of individual agents, managers and channel partners, from appointment and movement management till the end of the contract period. Some of its unique features include:

• Managing complex hierarchy structures with multiple channels and unlimited reporting levels
• Creation of a single repository for all distributors (agents, channel partners, company sales or monitoring staff, partner staff, and even referrals)
• Implementation across multiple admin systems for managing different lines of businesses
• Managing bulk movements as an outcome of performance evaluation
• Support for pre-contracting processes (such as training, exams and license management)

Compensation Manager: Allows alignment of agent compensation plans with business strategy. Apart from other benefits, it allows insurers to:

• Configure product-based commission contracts
• Manage performance-based variable compensation (incentive schemes, contests)
• Control exceptional compensation scenarios (agent-specific rules, personalised payment schedules, commission advances, etc.)

Performance Manager: Enables tracking and identification of the best performing agents. Given that performance parameters are fairly dynamic, the module allows insurers to:

• Define Key Performance Indicators using the rules engine
• Configure and measure rules such as product weightage, slab-based credits, persistency types, and personal and group credits
• Create a perfect solution for managing Rewards & Recognition in combination with the Performance Manager

Self-service Portal: An E-services component targeted at the carriers’ agents, managers and channel partners. The portal allows carriers to service their sales force, thus enabling them to focus on generating business. The portal offers agents, managers and channel partners a real-time access to their portfolios, policy details, commission statements, performance, payment details, training, contest standings, etc., and allows raising queries to the carriers for gaining additional information.