Auto Calculation of Brokerage Receivable
Today, insurers pay brokerage for each product based on various conditions, and they regularly revise these rates. This creates significant challenges for the operations teams of insurance brokers.
For instance, ICICI Lombard may offer (say) 45% of the net premium for a petrol vehicle registered in Delhi but only (say) 25% for the same vehicle registered in Punjab. Each insurer uses different parameters—like RTO, fuel type, tonnage, engine capacity, make/model, sum insured, date range, etc.—to determine brokerage rates.
SIBRO v3 stands out as the only software in the market that allows users to create insurer-specific and product-specific parameters while setting Pay In rules based on insurer, product, date range, and other custom conditions. This enables brokers—particularly those managing medium to high-volume, pre-underwritten products—to automate brokerage receivable calculations accurately.
