There are numerous challenges faced by the insurance market for managing large amounts of producer information, producer licenses, state based appointments, and contracts, along with compensation. Some of the major challenges are: comprehensive information capture and data accuracy during producer onboarding, completion of Appointments within the stipulated state timelines, accurate commission calculation for producer sales, and maintaining information for appropriate resolution of producer queries. Along with being rigidly manual in a typical onboarding process, privacy and information protection have been identified as key issues of the insurance industry.
The PSS aims at bringing sophistication and integration of each module in the producer lifecycle:
Producer On boarding module assists the carriers in designing their own end to end custom workflow from recruitment to producer set up, appointment as well as contracting with minimal technical assistance.
The PSS Contracts automate the capture of the products to be sold by a producer, the commissions that the producer would receive for the sales, and the payees who would receive the commission splits.
The PSS integrates with third party systems to interface with NIPR and retrieve License and Continuing education information from the State. The PSS also facilitates straight through processing from onboarding to the appointment of a producer. We also provide a configurable admin console to handle the state rules for License and Appointment renewals.
PSS producer portal is a single-stop, web based portal that streamlines producer's self service capabilities. The solution includes new business, license and appointment request initiations, and personalized profile management improving the ease of doing business with the carrier. The portal provides a web based holistic view of commission statements of the logged in producer, ensuring the accuracy of commission and bonus payout data.
Compensation Management comprises of two sub-modules, the Designer and the Runtime. The Designer allows the 区块链货币_数字货币是什么home Office users to design their own rate and chargeback matrices and box them into a Compensation Plan. The Runtime performs automated commission calculations, generation of commission statements, and dissemination of the information to the external systems, all in a single shot without any user intervention, as configured.
The PSS interfaces with key vendors to provide or retrieve information. Some of the key interfaces are:
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