The Commission structure settings will help an adviser save a considerable amount of time as compared to manually generating the quote separately and editing the SoA. With the commission structure settings, the quoted premium and the commission disclosure in the SoA will be accurate.
There are three (3) options to set commission structure for quoted insurance products in RiskLogic.
Option 1) Via the RiskLogic Quote Screen (Options > Commissions)
From within the RiskLogic quote screen (immediately after Needs Analysis), click on the Options button in the top right corner of the screen, and then Commissions from the drop-down menu.
Update your commission settings for each provider as required. Once saved, all the insurance products will be quoted with the default commission set in this section.
These changes will only apply to the current user.
Option 2) Via the RiskLogic Quote Screen (Edit commissions > Update Quote)
To edit premium with different commission from what is set in defaults, select the Insurer by ticking the checkbox to the left of the logo. You will now see additional details including the Commission section on the right side. Click on the Pencil icon (edit) to select the preferred commission structure. Click on Update Quotes button to apply and save changes.
Note: The commission set through this screen will not save in default section and will be limited to the current quote only.
Option 3) Minimum Commission Preference
Fee-only advisers can set a Minimum (zero) commission setting. From within the RiskLogic quote screen (immediately after Needs Analysis), click on the Options button in the top right corner of the screen, and then RiskLogic Defaults from the drop-down menu.
On the Policy Defaults page, change the Minimum Commission preference to Yes and click the Save button.
Note: Once the Minimum Commission setting is active, the default commission section will be disabled.