Life, Annuity & Retirement Solutions: Distribution & Compensation Management Genpact’s forward thinking approach drives sales force effectiveness, producer satisfaction and cost efficiencies for all channels of distribution. With over 1,200 staff dedicated to Life & Annuity processing, we decrease agent licensing cycle time, improve agency licensing yield rate, and accelerate revenue generation. Results such as these are made possible through our commitment to process excellence and our innovative reengineering, analytics, compliance focus and technology. Our solutions encompass on-boarding servicing and compensation management including career, independent agents, brokers and insurance marketing organizations (IMO). Our Approach Genpact’s approach to Distribution and Compensation Management includes an unparalleled depth and breadth in customer policy servicing and a history of process excellence. We offer end-to-end processing for a full range of services including agent licensing, appointments and renewals (including complying with state specific requirements), agent and hierarchy set-up, administration and commission and other compensation calculation, including bonuses, advances and profit sharing. Our services are based on a talented team of FINRA Series registered associates who support variable products. All associates, including supervisory managers and domain experts, receive mandatory training, reinforcing our standard process excellence toolkits. In addition, all of our competency and skills frameworks have been developed with LOMA specifically for the Life and Annuity Industry. These industry leading practices result in best in class attrition rates and a dedicated and experienced team of insurance professionals. With over 3,000 successful migrations, Genpact is a leader in providing seamless transitions and effective operations. We work to align with the client’s preferred sales and distribution systems through our platform agnostic approach, enhancing efficiency through the employment of our analytic and reengineering capabilities. The compliance results speak for themselves, with audit results better than or the same as pre-transition outcomes. The overall focus of our approach and commitment to business process management is to deliver bottom line business impact. This includes an end-to-end thinking enhanced by standardization, benchmarking, reengineering and analytics. We combine this approach with a gain share mechanism for incentives that create real impact. Highlighted by our key practices of providing process excellence roadmaps, intensive training and a focus on end-to-end metrics, Genpact provides solutions to increase baseline as well as year-on-year productivity. Client Successes A leading Life and Annuity Company was facing challenges in bringing on new agents and capturing the revenue that they would generate. With compliance capability built into our LOMA compliant new agency on-boarding process, Genpact decreased agent licensing cycle time by 11 days for online and 24 days for manual licensing and appointments. This improved the first pass of agency licensing yield rate from 82 percent to 97 percent. By developing and implementing a tax information system to calculate and produce 1099s, Genpact accelerated revenue generation by $6 million a month.