Agency & Commissions
CBoxx have niche business and technical skills that have been pivotal in the design and build of a variety of Agency & Commission processing relating systems through all levels of the UK Financial Services Distribution chain. Below is a quick snapshots of our key projects.
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Centralised Agency Administration Service for the UK Financial Services industry
The scale and ambition of this project is truly breathtaking and we are very proud to have been on the critical path from inception in mid 2008 to delivery in mid 2009.
The service will provide secure electronic submission for all of the most common and business sensitive types of Agency Administration tasks that are performed daily between large Distributors and Product Providers throughout the UK, resolving the existing issues of chasing paper, phone and emails between the multitude of parties involved from director level through to the admin teams.
At the heart of the system design lies an industry model introduced by CBoxx. CBoxx then took the initial ‘vision statement’ from our client and produced a strong Visual Concept that was used to drive the gathering of detailed business requirements from a wide variety of stakeholders. The Concept applied the ideas of co-ordinated mass communications pioneered by social networking utilities and applied them successfully to a business issue.
Following this a detailed functional analysis was conducted that acted as the bridge between the business stakeholders and the technical design & development team for which CBoxx also provided critical development resource.
Automated Commission Receipt and Reporting for a National IFA Firm
CBoxx provided a pragmatic technical solution for a business requirement of a National IFA group that needed to accurately measure the value of their business divisions in preparation for a complex acquisition and management buyout process.
EDI Automated Commissions streams were introduced for their Top Ten Providers and then combined with Back Office Agency data from 1st and OfficeWeb and cross referenced against Provider supplied Bulk Policy data to produce a set of monthly management reports that were used to drive the executive processes.
Legacy Agency Rationalisation Process for a National IFA Firm
CBoxx assisted a national IFA to restructure its Agency Management processes in preparation for an automated commissions upgrade to their OfficeWeb back office system and the related restructuring of their adviser remuneration scheme.
Detailed research was undertaken to capture their existing Agency setup (which was complex due to their long history of acquisitions) and then map it into a new efficient, ‘clean’ structure. A semi-automated process was then defined that the firm used to outsource to an offshore operation to carry out the bulk of the project in a very cost effective manner.
Agency Management System for a major UK / US Financial Services Product Provider
CBoxx were contracted for the analysis, design and development of a bespoke Agency and Commissions Management System (AMS) for a product provider launching a post A day ‘third way’ pension product on a very aggressive timescale.
From initial briefing to delivery the project took just four months including the co-ordination of interfaces between the AMS and the new Extranet and Policy Management system being developed simultaneously by other companies. The AMS was the first part of the overall system to go live and and continues to perform well.