We’ve made changes which will allow recognition and the correct payment of commission to our intermediary partners who are appointed mid-term.
It will no longer take two days to move a customer from one broker to the next, simplifying the process for both intermediaries and customers. Automation will also ensure correct financial reporting and will result in less ex-gratia payments being issued.
Any retrospective changes will continue to be dealt with through our existing manual process, which will be phased out soon.
Why have we made these changes?
When a broker is changed mid-contract, we need to align our commission payments with our Broker Terms of Business Agreement (TOBA).
Previously, our systems continued to pay the original broker until the renewal date, requiring a manual workaround to ensure correct payments were made to the new intermediary.
Solving this issue now means that commission will be paid to the correct broker without the need for any manual processes or ex-gratia payments.
How will this affect customers?
Our intermediary partners will automatically receive commission based on the terms of business agreement with us (TOBA) which will be reflected in their commission statements.
There is no customer impact.
If you have any queries about this, please contact your Bupa representative.