Click on images to expand in a new tab
Overview
The commission structure settings in Digital Advice Tools - Insurance Quoting can help you save a significant amount of time compared to generating quotes manually and editing the Statement of Advice (SoA) separately.
These settings ensure that the quoted premium and commission disclosure in the SoA are accurate. There are three options available for setting the commission structure for quoted insurance products in RiskLogic.
⚠️Important
Support logins have read-only access to scenarios and cannot create or edit them. In addition, Support logins do not have access to Advice Tools. Only users with the Paraplanner or Adviser role can access Advice Tools and create or edit Digital Advice scenarios.
Options Button
Use this option to adjust the commission setting for all quotes for the adviser setting them. Please note this option only affects the Adviser and their clients and not all advisers in the practice.
From within the Digital Advice Tools, go to the Insurance Quoting screen.
Select the Options button from the top right corner, then select Commissions from the drop-down menu.
A drop-down list of providers will appear after you select your desired option under Retail, Retail Super, or Group options.
Update commission settings for each provider. Save to quote insurance products with default commission.
Policy Defaults
From the Options menu, you can also set the commission from the Policy defaults window, under Risklogic Defaults.
Change the Minimum Commission Preference option to Yes and Save on the Policy Defaults tab.
📌Note
Once the Minimum Commission setting is active, the default commission section will be disabled.
Quotes Screen
Use this option to adjust the commission setting for only the quote being worked upon.
To modify the premium with commissions that differ from the defaults, select the desired Insurer to show the editable options. You can do this by ticking the checkbox to the left of the insurer's logo.
Once you've selected the insurer, you can view additional details, including the Commission section on the right-hand side. Choose the Pencil icon to edit the commission structure and choose your preferred option. Finally, select Update Quotes to apply and save your changes.
📌Note
The commission set through this screen will not save in default section and will be limited to the current quote only.