Insurance companies today face fiscal drain due to under-performing commissions systems, thereby magnifying the cost involved and the errors which have led to such a situation. Absence of functionality and usage of old manual processes inflate the insurers FTE expense, while overpayments lead to heavy deprivation. In fact, many insurers today not only have to deal with carrying a function which is slowly losing them money, but also sees a hit to their corporate strategy as they have to deal with unhappy producers.
At Flatworld, we understand the requirement for effectual processes which can manage the entire insurance commission process while constantly evaluating the performance of your sales channel. Our domain and technical expertise over multiple insurance products and channels put us in an ideal position to support your compensation system end-to-end. We work towards providing a solution that gives you accurate, auditable results while lending increased transparency to your customers and clients alike.
Our Insurance Commission Management Services
Insurance commission management includes both commission processing and payouts. It is much more complicated in nature compared to routine backend work which insurance companies usually outsource. This is because even though in form and function it is similar to a payroll service; the amounts vary month to month and therefore require an expert team of agents working on it. Since every policy comes with its own rate of commission which is payable to your agents, our team leverages state-of-art software to ensure all the payouts are made on time and are accurate in the amounts to cut down losses.
Our services include -
Insurance Commission Accounting
As a prolific insurance commission management service provider, we take over your existing accounting functions and figure out the roadblocks involved in the existing system. With our help, you can regain control over your error rates and begin the process of carefully documenting the commission amounts digitally. We also help to generate periodic reports which can help you gauge future financial trends in commission management while adapting to changes as they happen.
Commission Reporting and Document Management
We can help build a consolidated database consisting of the latest agent details, payment transactions, calculation slabs, sales records, etc. and generate periodic reports for the same. We can also arrange external and internal audits which in turn helps you gather key insights into how your commission management system is performing. In turn, you can then make educated decisions backed by data when you make changes to your business processes or compute agent commission trends.
Producer Commission Payable
We leverage our proprietary CRM systems that are customized for you and built from the ground up keeping the calculations for commission amounts in mind. Our system also helps in generating any additional paperwork to go out with the commission, such as total sales made, performance metrics, rates charged, etc. This ensures better accountability and transparency in the calculation of commissions and payment initiation procedures.
Commission Management Systems Maintenance
As your chosen insurance commission management company, we can help you maintain the commission's management system properly by transforming all the accumulated hard copy documents with large data sets into proper digital formats. We can customize the entire ERP and CRM system based upon your needs and change the existing layout of the application to match your existing requirements. This helps in boosting efficiency across the board.
Apart from the above, we can also help you with the following -
- New Business Services
- Policy Management Services
- Commission Reporting
- Insurance Accounting
- Claims Management
Insurance Software we use
Our Insurance Commission Management Process
At FWS, we specialize in offering a comprehensive suite of commission management services for both independent insurers, chains, and agencies leveraging the power of our custom software. Our commitment to incorporating technological innovations helps you reduce your dependency on archaic systems while focusing on your bottom line.
While our insurance commission management process is customizable as per your requirement, the entire process flow usually consists of the following steps -
01. Requirement Gathering
We sit down with our clients to understand the nature of their business and their specific requirements. Based on our understanding we then devise a plan to meet your needs.
02. Process Tree Finalization
We take the feedback received from our clients extremely seriously, and therefore make any changes as requested by you before sharing it with your in-house teams. All areas for improvements are further identified and fixed before we implement the process.
03. Process Implementation
We assign a team to implement and enable the project in the initial days. The team is led by an insurance project manager who has at least 5 years of experience in implementing projects of similar scope and size, and who you can consult on anytime.
04. Data Validation
Once we have begun the process of implementation and transferred all the data and accounting functions into our proprietary system, we take them through multiple screenings to ensure accuracy and quality.
05. Project Finalization
We send over the recorded data to you for verification, and after an initial support period, transfer all the sysadmin roles and process trees to you and the team we have trained to use the system.
Other Services You Can Benefit From
Key Benefits of Outsourcing Insurance Commission Management Services
When you choose us as your partner for insurance commission management services, we help you derive a world of benefits which directly ensure you in becoming increasingly competitive. Benefits of outsourcing include -
- Control and reduce revenue leakage by identifying key improvement areas
- Leverage automated workflows for billing and controller processes
- Optimize existing fee disbursement schedules
- Ability to enforce discount policies and track sales
Reduced Risk Exposure
- Increased regulatory compliance including automated reporting and audit trail
- Enhanced accuracy when it comes to information obtained from automated workflows and straight-through imports from external systems
- Security standards which comply with the most stringent regulatory guidelines
- Better clarity when it comes to the entire invoicing and commission calculating process
- Automated calculation of accruals and actuals
- Enhanced forecasting and reporting
- Ability to perform multiple simulations and scenario analysis
- Automation in fee calculation and billing, as well as contract management, means less manual labor is involved
- Reduced sale and operational costs
- STP and sophisticated workflow processing results in increased efficiency
Why Outsource Insurance Agency Management Services to Flatworld Solutions?
As one of the foremost insurance service providers in the business right now, we bring a wide array of benefits to insurance service providers irrespective of the nature of their business and their size. We leverage the latest tech suite to process information and ensure complete security of your data. By partnering with us you can benefit from the following -
- Domain Expertise - We have an experience of more than 19 years in the insurance space and employ some of the best talents in the industry who have a vast knowledge of the insurance industry.
- Business-driven Solutions - Our services have been fine-tuned over the years and offer our clients a spectrum of technical expertise in all forms of commission management.
- Experienced Team - With more than 200+ insurance experts with an average of 5 years of experience, we attract the best talent in the industry to offer our clients solutions which work in the real world.
- Secure, Robust Workflows - We have designed our workflows to cover all parts of commission and agency management and are secure in every possible way while staying compliant with regulations.
- State-of-art Tools - We leverage the latest in technology to drive our proprietary toolsets as well as ML-based algorithms for better predictive analytics.
- Exceptional Cost Savings - With our automated processes, not only can you cut down on manual tasks but also reduce the cost of operation by at least 30% in the first year itself.
- Round-the-clock Support - With multiple delivery centers around the globe we always ensure there is a team working on your project from a location which suits your needs while providing 24/7 support.
- Scalable Services - We provide services which can be scaled up or down based upon your requirements and ensures you can expand and grow as your business increases without having to worry about support.
- One-system for All - We help you work towards and implement a global system for all invoicing, fees, commissions, and rebates, ensuring easy flow of data from one place to another.
- Customizable for all your Requirements - Whether you need flexibility when dealing with complex conditions or rules, or when you have to handle exclusions easily while making discount management easy, we can create custom workflows which suit all your needs.
- Standardization - You can push towards standardization of regulations and internal policies across your company while incorporating all your requirements easily.
Client Success Stories
FWS Provided Policy Checking Services for a US-based Insurance Service Provider
Flatworld Solutions fully scrutinized policies for a US client because the client was overwhelmed by policy backlog as soon as they expanded.
FWS Streamlined Back-office Solutions for a California-based Client
A based out of US client suffered from an unforeseen bottleneck triggered by business growth. Flatworld optimized the back-office functions by becoming cognizant of their concerns.
Improve Your Business Productivity with FWS' Insurance Commission Management Services
FWS is a leading insurance commission management company and has worked with clients across USA, UK, and Australia to help them streamline their processes and ensure significant cost savings within the 1st year of implementation. Our ability to optimize your data and revenue while securing them for the future is second to none, enabling you to maximize your business performance.
For more information on how our processes can help you become more profitable, contact us now!