Channel Compensation Management System
Channel Compensation Processing (CCP) helps the insurance companies in capturing the details of the new business acquired by the various channels from its core system / NBP and calculate the commissions taking into consideration various adjustments & taxes. CCP further generates individual commission statement & summarised funding vouchers.
- Upload of Agent Details
- Upload of Hierarchy Details
- Upload of Product Details
- Upload of New Business Premium
- Define Business Rules for Compensation Plan
- Auto and manual activities like Withheld, Release, Recover, Reversal
- Tax treatment like tax deduction and service tax
- Funding Vouchers
- Agent wise Statement
Doctor's Payment Management System
Policy holders are required to undergo medical tests policy per se. These tests are conducted by doctors or clinics appointed by the insurance company. These medical reports are sent to the insurance company for which, the medicos are paid as per the contract terms.
This system calculates the fees payable for the tests conducted based on the fee structure defined and deducts TDS applicable based on the TDS rules defined. It can be customized to be grouped and the fee structure can be defined as a package/group rate and the reports can be generated as needed. The data can be imported from flat files or can be exported to back-end accounting systems.
Back Office for Brokers (NSE - BSE)
The client is a depository participant to NSDL. They assist the customer in buying and selling of shares and handle their instructions.
- Maintain Client Securities
- Maintain Script Details
- Maintain Activities Related to Settlement
- Pay-In Instructions (Selling of Shares)
- Pay-Out (Buying of Shares)
- Finalization of Shares
- Shares Allotment
- Pool Pay-Out Transfer to Clients
- House Pay-Out Transfer to Pool
Back Office For DP (NSDL)
The client is a depository participant to NSDL. NSDL maintains customer's securities in dematerialized form. Portfolio details are provided to the customer. The bank passes on customer's instructions to NSDL.
Customers are Charged on the Basis of:
- Type of Transaction
- Value of Transaction
- Success of the Transaction
- Value Added Services Provided
The rate for each transaction value depends on the exchange where the transaction happened, the settlement period and rate of security at the end of settlement period.
The Billing module developed, catered to 6 million transactions per quarter for 150,000 customers. As a benchmark, it took just 6hrs. for one quarter billing, where as the older software took 600 hrs. The older software took more than 2 months to complete the billing of a quarter whereas our software took only 7 days after completion of quarter.
- Enable quick recovery of charges from customer
- Quarterly statements to customers in reasonable time frame