Channel Plus provides both business and technological users control over their operations, enabling them to more effectively service their distribution channels. By automating key processes, tasks and charges these proven life, pensions, wealth, health and general insurance solutions reduce the administrative overhead and risk associated with increasingly complex distribution, fees and commission management.
The main features of Channel Plus are:
- Management of complex hierarchies
- Automated updates to multiple administration systems
- Distributor Onboarding
- Distributor Monitoring
- Effective MIS Reports
- Suppression & Cancellation
- Distributor Transfer – individual and bulk
- Fee / commission calculations
- Fee / commission payments
- Fee Agreement management
- Fee / commission / payment online enquiry
- Distributor Loans & Accounting
- Distributor Statements – online and paper
- Internal audit and control and reporting
Because Channel Plus centralises control of fee and commission accounts and the ability to set indemnity commission limits, the risk of fraud is significantly reduced. Customers also enjoy greater financial control: by integrating Channel Plus with existing financial management system(s), audit and reconciliation are made easier.
Benefits of Channel Plus include:
- Distribution MIS – open relational database which supports integration to external MIS tools, data warehouses and the generation of data extracts.
- RDR Compliance – it is developed to meet RDR (Retail Distribution Review) regulations as set out by the FSA, including fee capture and projection, fee payment and reconciliation, and the maintenance of adviser competency levels to ensure that products are only sold by those qualified to do so.
- Strategic planning – by allowing access to complete reliable and reconciled data. Channel Plus provides the information needed to fine-tune the distribution strategy.
- Efficiency – ability to organise, maintain and service all distribution networks including those residing on legacy systems.
- Automation – automates the calculation, reporting and payment of commissions, based on rule-sets that can be tailored by product, channel and even individual agents.
- Flexible Technology – Service Orientated Architecture that integrates seamlessly with existing legacy systems and has the ability to grow as an organisation grows.
- Reduced costs – Reduction in IT development costs and lead times to the business, as well as significantly reduced operational costs through the streamlining of business processes and the removal of manual intervention and workarounds.