Commission Payments. We normally receive commission of up to 33% dependant on the insurance product sold, of the total annual premium, from Insurers and Underwriters for our insurance broking services. We also receive a commission, expressed as a percentage of your loan from the premium finance provider used to fund your policy. We may also receive commission from other companies whose products and/or services we provide. This remuneration will be calculated on a percentage determined by the agreement between the external company and us. Employee Remuneration We remunerate our employees using a combination of fixed and variable rewards that are designed to ensure they always act in customer’s bests interests. All employees receive a base salary. Remuneration packages are based on various performance indicators that demonstrate high levels of customer service and monthly Quality Assurance requirements set for their individual roles. Handling Client & Insurer Money We hold your premium (payments or refunds) in an account as agents of the insurer. It is considered as being held by the insurer whilst in this account – this is known as ‘Risk Transfer’. Whilst in this account, your money cannot be used for any other purpose other than paying the insurers or any brokers through whom we have arranged your insurance, or in the case of premium refunds, returning the money to you. Any interest that we may earn on the account is retained by us. Confidentiality and Security We will always ensure that any information you provide to us is treated as private and confidential by us. For further information about how we handle your data when you have a policy with us, please refer to our Fair Processing Notice for full details.
Appears in 6 contracts
Samples: Terms of Business Agreement, Terms of Business Agreement, Terms of Business Agreement
