Channel Compensation
The ability to meet the needs of each channel is critical for insurance companies to grow at an exponential rate.
MajescoMastek's Elixir Channel Compensation Component enables insurers to take newer channels to market in the shortest time possible while enhancing collection ratios by up to 10%. It also allows them optimize relationships with channel partners and provides the flexibility to set channel/ producer-specific rules for effective distribution management.
It enables insurance companies to:
- Introduce new channels in the shortest time possible
- Ensure that channels view them as preferred solutions providers
- Empowers channel partners to perform better
- Enhances operational efficiency
- Ensures effective Channel Management through the functionality that supports
- KPI definition and regular evaluation
- Performance monitoring across channel hierarchies, geographic regions and divisions
Effective Compensation Management system helps channel monitoring and faster introduction of new channels
The client's goal was to introduce an agile system to enhance new channels and improve the analysis of channel performance. Mastek enabled this Japanese carrier to manage channel compensation and tracking and have an integrated view across all channels.
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