When Regent had to automate its commission administration system, it opted for the commission module embedded in the SilverBridge Exergy policy administration system. The migration is considered to be one of the most successful projects at Regent Insurance given its complexity.
Regent managed the migration of both the data and the functionality with support from SilverBridge experts across several areas within their business.
While Regent had been using the SilverBridge ExergyLife policy administration system for many years, it was still reliant on a separate system for its commission administration that offered limited automation. With the platform recently being discontinued, Regent needed to find a new solution.
According to Leonel da Silva, portfolio manager at SilverBridge responsible for the project, the fact that the Exergy platform which Regent is using to administer its policies also caters for commission, made it easier for the insurer to go this route.
“Our team used Exergy components to configure and customise the commission management system for the Regent brokers. During the process, many historic commission transactions had to be migrated to the Exergy platform. While this was a highly technical project, our goal is to improve business operations without being constrained by IT. As such, our focus was on helping Regent get the migration done as quickly and smoothly as possible so the client could keep business running as normal,” he says.
SilverBridge used an agile project methodology and worked closely with the team at Regent to deploy the solution effectively.
“Given our relationship with Regent and the fact that we take the time to truly understand the business of our clients, they trusted us completely as a partner and gave us the support we required to complete the project,” says da Silva.
The project went live in October 2015 following an extensive testing period.
“Our strong relationship with Regent has continued to improve. We have received positive feedback from several of the broker houses. Reporting to and statements for brokers have also been significantly improved resulting in increased efficiencies at Regent,” says da Silva.
Regent has been very satisfied with the implementation given its complexity.
“I would like to thank SilverBridge for its support and commitment. This implementation has helped us improve the quality and manner in which we serve our customers and business partners. We could not have done this without their support leading us every step of the way throughout this process. They’re a great team to work with.” says Kumeshnie Govender, executive GM of Regent.