(Bajaj Allianz building Pune. Source: PGP Architects.)
Bajaj Allianz General Insurance Company Limited (BAGIC, Pune), a general insurance company in India, has selected Majesco (Morristown, N.J.) Distribution Management for incentive and reward management for its employees in support of its larger growth strategy, according to a joint announcement.
A multiline provider of general insurance products, BAGIC traditionally used in-house systems to calculate rewards and incentives. With Majesco Distribution Management, the company will consolidate and automate rewards and incentives management on a single platform. BAGIC will process incentive payments on Majesco Distribution Management with the data integrating back to their policy administration system, creating a relevant data repository, according to a Majesco statement.
“Being a customer-obsessed company, we are always exploring partnerships that contribute to enhancing our customers’ experience directly or indirectly,” comments Tapan Singhel, Managing Director & CEO, BAGIC. “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.”
Majesco describes its Distribution Management System as a standalone, modern solution designed to enable insurance carriers to manage the entire distribution landscape with comprehensive business capabilities that enable diverse channel options, support the increasing need of an omni-channel environment, effectively administer channel producers from registration to termination, compensation and performance management, and launch innovative contests and personalize payment schedules for producers to help drive business growth.
Strategic Business Capability
“We are delighted to welcome BAGIC to our growing community of customers and thank them for their confidence in our team and solution,” comments Farid Kazani, Managing Director, Majesco. “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.”