For the first time in India, insurance Point of Sales Persons (PoSPs) will be able to see live brokerage against each quote option they generate and upon completing sale, they will receive their commission payment immediately.
With these features, PoSPs registered with the company can get real-time access to their earnings from selling the insurance policies and immediate realisation of the same, the insurtech platform said in a release.
Traditionally, insurance agents and PoSPs have to refer to complex grids to understand the income potential from commissions. Add to that, there are over 72 parameters that need to be considered for ensuring payout. Usually, commission payments are made over 30-45 day payment cycles across the industry, and reconciliation efforts further take time. Hence, for the insurance agents and PoSPs, a lot of productive time goes in figuring out the accuracy and case wise details of commissions earned.
The ‘Live Brokerage’ feature seamlessly integrates commission tracking into the policy quote page, providing real-time visibility of earnings. PoSPs get immediate information about the commission that can be earned on the said quote, ensuring transparency and clarity in their earnings. By integrating commission tracking into the quote page, Live Brokerage eliminates the need for manual tracking through separate systems or paperwork.
InstaPay tackles a common challenge faced by PoSP agents – delayed commission payments. The ‘InstaPay’ feature facilitates seamless and instant realisation of commissions by simplifying the payment process.
The launch of industry-first features marks a significant milestone in the Indian insurance industry, said PolicyBoss. These innovative features provide PoSP agents with transparency, efficiency, and instant gratification for their hard work, it added.