System for managing insurance incentives
Bajaj Allianz General Insurance Company Limited (BAGIC) has selected Majesco Distribution Management for the incentive and reward management for their employees, said the Navi Mumbai-based Majesco Ltd on 18 Dec 2017.
BAGIC has multiple lines of business within the General Insurance umbrella and has traditionally used in-house systems to calculate rewards and incentives.
With Majesco Distribution Management, the company will consolidate and automate their rewards and incentives management on a single platform.
Incentive payments will be processed on Majesco Distribution Management with the data integrating back to their policy administration system, which will provide the repository of the information.
Tapan Singhel, BAGIC MD & CEO, explained: “Being a customer obsessed company, we are always exploring partnerships that contribute in enhancing our customers’ experience directly or indirectly.
“An engaged and effective sales force is very important for creating a base of happy customers. We believe that the partnership with Majesco Distribution Management will play an important role in helping us automate and speed up the rewards and incentive process. It will also bring in greater transparency through the system-based process,” Singhel said.
Farid Kazani, Majesco MD elaborated: “It is great to be partnering with such an innovative and a forward-looking insurer like BAGIC. Rewards and incentive management is increasingly a strategic business capability required to enable robust growth strategies. We are positive of a successful implementation and building a strong strategic bond with BAGIC.”
Majesco Distribution Management System is a standalone, modern solution designed to enable insurance carriers to manage the entire distribution landscape.
Majesco is a global provider of core insurance platform software and consulting services for insurance business transformation.
BAGIC is one of the leading private general insurance company in India. It is a joint venture between Allianz SE, the world’s leading insurer and largest asset manager, and Bajaj Finserv Limited, India’s most diversified non-bank financial institution. fiinews.com
