PolicyBoss.com launched two innovative features: Live Brokerage and InstaPay. With these features, Point of Sales Persons (PoSPs) registered with the company can get real-time access to their earnings from selling the insurance policies and immediate realisation of the same.
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.
For the first time in India, Insurance 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.
Susheel Tejuja, Managing Director & Co-Founder of PolicyBoss.com, explains more, “With the unveiling of Live Brokerage and InstaPay features, we’re ushering in a new era of support for PoSP agents. These features will provide our PoSPs with seamless commission tracking and swift commission realisation. It will unlock their full potential and drive industry innovation. We are now confident that more PoSPs will join the PolicyBoss community and revolutionise the insurance industry.”
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. With this feature, PolicyBoss.com ensures that agents receive their hard-earned commissions instantly, providing them with financial stability and motivation to excel in their roles.
The launch of industry-first features – Live Brokerage and InstaPay by PolicyBoss.com marks a significant milestone in the Indian insurance industry. These innovative features provide PoSP agents with transparency, efficiency, and instant gratification for their hard work. PolicyBoss.com’s commitment to being a partner in the growth story of PoSP agents is evident through these innovative tech solutions. With Live Brokerage and InstaPay, PolicyBoss.com solidifies its position as a leader in the Insurtech space and continues to revolutionise the way commission tracking and realisation are handled in the industry.