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.