Indian Insurtech company PolicyBoss.com has introduced two new features: Live Brokerage and InstaPay.
These tools aim to provide Point of Sales Persons (PoSPs) registered with the platform with immediate access to their earnings from insurance policy sales.
According to PolicyBoss.com, insurance agents and PoSPs traditionally have had difficulty estimating their commissions due to complex grids and numerous parameters involved. Payments typically occur over 30 to 45 days, often with delays due to the reconciliation process.
The Live Brokerage feature simplifies the process by allowing PoSPs to see potential earnings directly within each insurance quote, eliminating the need for manual tracking.
Once a sale is completed, PoSPs can receive their commissions immediately using the InstaPay feature, which streamlines the payout process. This is expected to provide financial stability for agents while motivating them to boost productivity.
“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, said Susheel Tejuja, managing director and co-founder of PolicyBoss.com.
The Live Brokerage feature integrates commission details directly into the quote page, ensuring transparency and simplifying the process of tracking commissions. InstaPay, on the other hand, offers a quicker payout by eliminating delays, providing agents with immediate realisation of commissions.
