A Viable, Virtually Risk Free Replacement for FASAT Coming Soon!
For the last 20 years the majority of Canadian life insurers have utilised the FASAT system to manage their distribution structures and accompanying compensation payments. Sungard, who bought DSPA and FASAT (now called Enterprise Incentive Management EIM) in 2007, will be retiring support of the product line beginning in 2016.
Having a mission critical (commission paying) software application unsupported by the vendor and lacking a roadmap for future development leaves life insurers at risk. Over time it may even prohibit advances in other areas of their technology due to platform restrictions from FASAT.
So, what options do life insurers have available to them?
Step Forward WealthServ Compensation Management
Products come about in many different ways. Some are brand new ideas that revolutionize an industry, others fill a void in the market, and yet some simply improve older technology. The latter is certainly the case with WealthServ Compensation Management. Bluesun’s new commission solution has been developed organically from open discussions with various life insurance carriers on how our existing technology could be re-worked slightly to meet their needs.
The fruits of these discussions was a development roadmap by which our existing technologies could be adapted for life insurers in Canada to fill this void in the market. Our proven WealthServ technology has processed millions of commissions since 2001. The repurposing of this technology just made sense from these discussions.
What Was Developed? And Where We Are Today!
Our WealthServ compensation module can truly handle the entire commission process for insurance companies. From complex hierarchy structure to T4As, payouts, and incentives, we have enhanced our WealthServ platform not only to support the needs of insurance companies today but have built in the flexibility to easily enhance the product over time as the industry evolves.
Want to know more? Just drop us a line to discuss or schedule a demo today.