Distribution & Channel ManagementLeading insurance carriers are increasingly focusing on developing distribution and channel management strategy as a competitive advantage for increasing market share.

Wipro’s in depth knowledge of the insurance distribution market, coupled with its IT services expertise has delivered powerful solutions to beat competitors. In the insurance CIO / CTO survey conducted by Celent for IT focus areas in 2006, Distribution and Channel Management was ranked as a top IT initiative for more than 70% of insurance carriers.

Wipro’s Services in Distribution and Channel Management

• Agency Management
• Create and manage channels
• Create and manage agents and hierarchies
• Create new compensation mechanisms
• Agency New Business and Quotes
• Lead management
• Generate quotes
• Bind and issue new business
• Agency Customer Servicing
• Manage premium collection
• Agency Compensation Management
• Compensation calculation
• Compensation pay outs and claw backs

Wipro’s service offerings in the above areas have helped customers build a dynamic distribution system to realize the following benefits:

• Quicker and flexible methods of creating new channels / agents resulting in quicker time to market
• Increased flexibility in defining complex compensation mechanisms that result in competitive distribution strategies
• Higher productivity of producers by providing them with lead management tools
• Reduced cost of operations through systems rationalization

Success Stories

Sales Management System
For the Japanese operations of a leading international insurer, Wipro provided a web based lead management solution for single view across both policy and customer, for improved customer profiling and campaign management. Sales activity management and forecasting was built into the solution. The solution enabled the customer to significantly improve the productivity of the distribution channel.

Distributor Regulatory Compliance
For a leading global insurer and provider of financial services, Wipro undertook reengineering of the customer’s Policy Management System, and the Internet websites, to enable the client to achieve compliance for both broker and direct businesses.

Agency Licensing and Compliance
For a large financial service provider in the US, Wipro developed a Licensing Information System to use as an information capture, tracking and reporting tool for the client’s insurance agency’s licensing and compliance division. The new system not only minimizes the manual work that existed before, it also makes them more productive, efficient and generated more business.

Agency Commissions and Payments Reengineering
For a leading long-term saving companies based in Germany, the customer needed to improve the accuracy of the commission payments to brokers, as the current system had major data issues, manual interventions, non-Euro compliance, etc. Wipro introduced a rule based framework to handle the frequent product launches and future compatibility issues. Wipro helped standardize the input data and improve the commission system performance. Later, the client awarded the maintenance of the systems to Wipro.

Agency Billing Consolidation
The client, a top financial services provider providing multi line insurance in the US required a unified view of bills for the end customers across product lines. To address this requirement, Wipro built an integrated billing platform across auto, fire, life and commercial policy systems. Wipro enabled the billing platform to support business functions like refunds, cancellations and reinstatements.