One of the top insurtech companies in India, PolicyBoss.com, has introduced two cutting-edge features: InstaPay and Live Brokerage. These features enable Point of Sales Persons (PoSP's) who have registered with the company to view their earnings instantly and in real time from the sale of insurance policies.
Insurance agents and POSP's have historically had to consult intricate grids in order to comprehend the potential revenue from commissions. In addition, more than 72 criteria must be taken into account to guarantee a payout.
In the industry, commission payments are typically distributed over 30- to 45-day payment cycles, and reconciliation procedures also require time. As a result, insurance agents and POSP's spend a significant amount of productive time determining the accuracy and specifics of the commissions received.
Insurance PoSPs will be able to see live brokerage against every quote option they generate for the first time in India, and they will get paid their commission right away when a sale is completed.
Live Brokerage
Real-time earnings visibility is made possible by the 'Live Brokerage' feature, which smoothly incorporates commission tracking into the policy quote page.
PoSPs ensure transparency and clarity in their earnings by receiving instant information about the commission that can be earned on the quoted amount. Live Brokerage removes the need for manual tracking via different systems or paperwork by incorporating commission tracking into the quote page.
InstaPay
Delayed commission payments are a frequent problem for PoSP agents, which is addressed by InstaPay. By streamlining the payment process, the "InstaPay" feature makes commission realisation smooth and instantaneous.
By ensuring that agents receive their hard-earned commissions promptly, PolicyBoss.com offers this feature, giving them the financial security and drive to succeed in their positions.
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." Tejuja added.
