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Pvt life insurers mull new model for commission
Business Standard|October 17, 2024
Clawback, deferral, or reduction in payouts on the cards for distributors
- SUBRATA PANDA
Pvt life insurers mull new model for commission

Following recent revisions to surrender value norms, private sector life insurers are preparing to adjust commission structures for distributor channels, based on persistency metrics.

Top executives from leading life insurance firms are set to meet next week with the Life Insurance Council, an industry association, to establish a uniform commission framework, according to people familiar with the matter. Their objective is to maintain consistency in commission payments across the industry and mitigate disruption for distributors.

Options under consideration include clawbacks, commission deferrals, and outright reductions. For large corporate agentssuch as banks and nonbanking financial companies insurers are leaning toward clawbacks, while for individual agents, a mix of commission deferral and reductions based on persistency is likely, according to industry insiders. This overhaul, expected to unfold over the next two to three months, is being negotiated between private insurers and distributors.

THE FALLOUT...

... of revisions in surrender value norms Private life insurers to tweak distributor commission structure in 2-3 months

■Large corporate agents may face commission clawback; individual agents could see a mix of deferment and reduction

■Negotiations between companies and distributors are ongoing

■Consumer IRR, recently revised, may decrease further

هذه القصة مأخوذة من طبعة October 17, 2024 من Business Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة October 17, 2024 من Business Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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