The RM and the agent

Job Summary

Insurance commission software for agents and banca | Kennect Insurance commission software for every agent and channel.

Kennect runs commission and incentives for insurer sales teams, agents, POSPs, bancassurance partners and brokers on one engine: policy weightages, renewal and portability business, persistency gates, and clawback when a policy is cancelled or returned in free look. Every payout is locked, approved and explained, ready for IRDAI and internal audit.

SOC 2 Type II

Kennect installed base: 2,50,000+: Kennect installed base. 8 weeks: reference build, kickoff to first live payout. 13 and 25: persistency checks configured as plan rules.

What a payout cycle costs today: Insurance commission software for a business that pays on 13 months of data. When a head of distribution asks about automating commissions, the worry underneath is the week after payout day. That is when the base sheet meets the field, and every mapping change nobody filed comes back as a query.

The base sheet is worked by hand. Data lands in the data lake, a base sheet is downloaded, and the incentive team applies each verticals rules in Excel. Agency, banker and broking business each need their own logic, so the work multiplies with every vertical.

Credit lands on the wrong RM. When a manager does not file a mapping change, a policy credits to the wrong relationship manager. The fix is a manual recalculation after the payout has gone out.

Renewals are known in month 13. Renewal eligibility, persistency and free-look cancellations arrive long after the first payout. Without a written rule, every recovery is argued case by case.

Kennect connects to the systems the insurer already runs and replaces the base sheet that sits between them and payroll.

Insurance agent software for every channel the insurer sells through. CRM and RM portal.

Insurer sales hierarchy, L1 to L4. Across the agency, banker and broking verticals. Corporate agents and bank staff (bancassurance). Support teams paid on quality.

One rule engine for every channel, with each policy credited once.

The mechanics: Commission rules by policy, product and policy year. Insurance pays on a policy that keeps changing after it is sold. These are the rules that follow it through renewal, persistency and cancellation, each with its history kept.

What Kennect does at the close

At the close: Applies weightage by policy type, term and partner first, then applies it to premium. New, renewal and portability business.

At the close: Credits each business type at its own rate and against its own target.

At the close: Counts mapped agents who sourced a policy above a minimum premium in the period, and applies the count as a qualifier.

At the close: Defers part of the first-year reward and releases it at the 13th and 25th month when the policy is in force.

Clawback on cancellation and free look.

At the close: Recovers commission at the original rate when a policy is cancelled or returned, including partial instalments, and nets it against the next payout.

At the close: Credits bank-channel business by bank partner, branch and seller, with the seller tagged on every policy.

Locked payouts and incremental advice.

At the close: Locks each payout once approved; a later recalculation issues an incremental advice and keeps both versions.

At the close: Runs contests with their own rules and produces the qualifier and winner list; reward fulfilment stays with the insurer.

Built around IRDAI's commission framework.

What the consultation proposes

What a commission system has to hold

• Product-level commission caps, for example 15% on first-year individual health commission for distribution entities and 20% for agents
• Caps by product, channel and policy year, applied before payout
• Clawback of commission on mis-selling
• Recovery rules, with the original advice and the recovery on record
• No volume-linked or reward-linked incentives for bank and NBFC staff selling insurance
• Bank-channel schemes kept separate from staff variable pay, with each scheme's basis visible
• Life commission weighted toward persistency
• Each policy tagged to the individual seller, with commission disclosed
• Seller-level credit on every policy, exportable by channel
• Expense of management limits tightening, for life insurers to 15% within two years
• Commission totals by channel, product and policy year, for every period

Every close also carries an audit pack: locked payouts, maker-checker approvals and a change log, ready for internal audit and for review under Section 143(3)(i) of the Companies Act 2013. When the final rules land, each change becomes a new plan version with an effective date, approved and recorded like any other.

The goal is to provide a single framework for agency commissions from goal sheet to payout.

Goal sheet to payout

An agency commission management system from goal sheet to payout. Calculate, approve and recover.

• The ELT and Calculation Engine runs weightage, persistency and clawback rules for every vertical at each close.
• Maker-checker approval locks each payout; a later change is issued as an incremental advice.
• Query and Dispute Management gives every RM and agent query a route, an owner and the policies behind the number.
• Payout files go to accounting and payroll from the same approved calculation.

Model a commission change before it ships.

• Scheme modelling shows what a cap or rate change costs by channel and product before it takes effect.

The management cockpit shows payout, activation and open queries by vertical and level. The cockpit shows goal sheet progress, active agents and the next slab.

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