The RM and the agent

About the Role

Kennect Solutions offers insurance commission software for agents and banca. This software streamlines commission and incentive calculations for various sales channels, including insurer sales teams, agents, POSPs, bancassurance partners, and brokers.

Key Responsibilities

• Automate commission calculations based on policy weightages, renewal and portability business, persistency gates, and clawback for cancelled or returned policies.
• Ensure every payout is locked, approved, and explained, ready for IRDAI and internal audits.
• Replace manual processes and spreadsheets with a unified rule engine.
• Manage commission rules by policy, product, and policy year, accounting for changes throughout the policy lifecycle (renewal, persistency, cancellation).
• Apply weightage by policy type, term, and partner to premium.
• Credit different business types at their own rates and against their own targets.
• Qualify agents based on sourced policies above a minimum premium.
• Defer and release first-year rewards based on policy in-force status at specific months (e.g., 13th and 25th).
• Recover commission at the original rate upon policy cancellation or return, including partial installments, and net against the next payout.
• Credit bank-channel business by bank partner, branch, and seller, tagging the seller on every policy.
• Lock each payout once approved; issue an incremental advice for later recalculations.
• Run contests with specific rules, produce qualifier and winner lists, with reward fulfillment managed by the insurer.
• Handle product-level commission caps (e.g., 15% on first-year individual health commission for distribution entities, 20% for agents).
• Apply caps by product, channel, and policy year before payout.
• Manage clawback of commission on mis-selling with recovery rules and original advice on record.
• Track bank-channel schemes separately from staff variable pay.
• Weight life commission towards persistency.
• Disclose commission for each policy tagged to the individual seller.
• Provide commission totals by channel, product, and policy year for every period.
• Generate an audit pack at the close, including locked payouts, maker-checker approvals, and a change log.
• Manage commission changes by creating new plan versions with effective dates.
• Provide a single framework for agency commissions from goal sheet to payout.
• Calculate, approve, and recover commissions.
• Manage query and dispute resolution for RMs and agents.
• Ensure payout files go to accounting and payroll from the same approved calculation.
• Model commission changes before implementation to assess costs by channel and product.
• Track payout, activation, and open queries via a management cockpit.
• Monitor goal sheet progress, active agents, and next slabs.

Requirements & Tech Stack

• Kennect insurance commission software
• CRM and RM portal
• SOC 2 Type II compliance
• IRDAI's commission framework
• Section 143(3)(i) of the Companies Act 2013

Qualifications

• Experience with insurer sales hierarchy, L1 to L4.
• Experience with agency, banker, and broking verticals.
• Experience with corporate agents and bank staff (bancassurance).
• Experience with support teams paid on quality.
• Familiarity with configuring persistency checks as plan rules (e.g., 13 and 25).
• Understanding of Expense of Management (EoM) limits for life insurers.