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.
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 -
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.
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.
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.
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 -
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 -
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.
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.
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.
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.
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.
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 -
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 -
Flatworld Solutions fully scrutinized policies for a US client because the client was overwhelmed by policy backlog as soon as they expanded.
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.
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!