What happens when you pay a fleet their rebate? Do we have to pay back the commission against the rebated premium?

If a client qualifies for a rebate, they will be rewarded as follows:

  • 100% of accrued rebates at month 12 as a reward for renewing clients; or 
  • 50% of accrued rebate at month 18 for non-renewing clients

This will be reflected in the broker statement once a rebate is earned in order to recollect payment:

  • Broker commission is paid as usual. 
  • Like existing market rebates, the commission will reduce as a result of rebates. However, we believe that this policy will offer a longer-term earning potential and value add for your clients in terms of ongoing risk reduction.
  • The new feature will also encourage clients to renew in order to unlock their accrued rebate, which will lead to an overall increase in premium.

For further information on how a rebate will be paid please contact Flock.