Business Ready Solutions - General Insurance

GI-SAM

Insurance is a fast growing and highly competitive industry across the world. This industry is characterized by a large number of agents serving a diverse and geographically spread client base with a huge product portfolio. This necessitates an easy delivery channel for dissipation of information to agents. Equally important is an efficient system for accurate calculation of agent commissions. The process of calculation of commissions is inherently complex due to the large number of agents, products, clients, multiple payment headings and lines of business, and the very dynamic nature of the insurance business. GI-SAM General Insurance - Solution for Agents Management is designed to address these concerns. GI-SAM is a flexible online solution that can calculate commissions automatically and quickly, under peak loads. The solution integrates with legacy systems for fetching commission data and allows dynamic and configurable setup of commission formulae.

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Value Proposition of GI-SAM

• GI-SAM provides considerable value to insurance companies in the following areas –
• Dynamic setup of pricing schemes/plans/formulae for agent commissions
• Accurate calculation of agent commissions
• Elimination of human factor. Reduction in manpower and time by over 75% compared to manual systems
• Scalable solution to cater to increased load as business grows
• Generation of a variety of operational MIS reports
• Flexible architecture to enable new modules to be built in/removed to cater to changing business needs
• Integration with third party legacy systems

 

Functional Features of GI-SAM

• GI-SAM provides rich business functionalities such as –
• Two setups for commission calculation
• Marginalization to ensure that appropriate setups are considered
• Dynamic definition of commission formulae as per any, all, or some of the headings mentioned below –
  • Gross written premium
  • Volume Per policy
  • Lines of businesses like renewal, rollover, brokerage etc.
  • Nature of payment like agency commission, referral fee etc.
  • Products like vehicle insurance, cattle insurance etc.
  • Effective date
• Facility to setup flat fee
• Facility to override any of the above setups in favor of a manual setup
• Facility of adjustments/write-offs/deferred payment for negative commissions
• Various report types like enquiry reports, MIS, association reports with option to export to  excel/pdf