What is Premium Flex?

Premium Flex is an online facility which gives you the option to reduce an element of your commission in order to reduce the premium for your client.

Why has this been introduced?

Following feedback received from agents at recent network road shows, it is apparent that price is the key factor when selling general insurance to your clients as you are often competing against direct providers who do not pay commission and are therefore able to offer lower premiums. Being able to provide competitive insurance premiums can have a positive effect on your relationship with clients and encourage further business and recommendations. Obviously this is not compulsory, but the Premium Flex option is available on each new application.

How much will the commission be reduced by?

You can choose how much you want to reduce your level of commission by depending on the product available and the total level of commission you receive. The commission reduction is on a case by case basis and therefore the option to accept reduced commission on one case will have no impact on any future applications. 

Is Premium Flex available on all policies?

The option to reduce premium is available on all Buildings and Contents, Landlords, Holiday Home, Mortgage Payment Protection and Income Protection policies. 

How do I submit a Premium Flex case online?

The online application is completed as normal and Premium Flex is located on the price presentation screen. Simply choose the Premium Flex special discount % you want to give and click on the Recalc button. All quotes will then be adjusted accordingly to display the total annual and monthly premiums (in the case of buildings and contents) payable by your client. You can then select the required quote and continue to submit the business in the normal way. Prior to completing the final stage you will be asked to tick a box providing positive confirmation that you agree to accept a reduced level of commission for the case. The quote illustration will automatically be generated showing the premium payable by your client and the discount will be disclosed in the documentation issued by Towergate Home and Protect following the inception of the policy.

What happens to referrals?

Premium Flex does not apply to overridden premiums i.e. referral cases where special terms are provided by our Underwriting Team.

How will MTAs and Renewals affect Premium Flex?

All premiums for MTAs and renewals will continue for the policy on the basis of the Premium Flex applied at new business. The commission level is set for the life of the policy.