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Brokerage firms are the organizations that distribute insurance products to customers. The platform supports two types of brokerage firms—wholesale and retail—each with distinct roles in the insurance distribution chain. Brokers work within these firms to sell policies, manage customer relationships, and handle policy operations.

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Brokerage Firm Types

The platform operates with two distinct types of brokerage firms that create a hierarchical distribution structure:

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Wholesale Firms

Wholesale firms act as master distributors in the insurance distribution chain. They have automatic access to all insurance products within their tenant and manage relationships with multiple retail firms. Wholesale firms control product distribution, approve derogation requests from retail brokers, and oversee their retail partner network. Key Characteristics:
  • Automatic access to all insurance products
  • Manage multiple retail firm partnerships
  • Approve or reject derogation requests from retail brokers
  • Distribute products to retail partners
  • Oversee commission structures across their network

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Retail Firms

Retail firms work directly with customers to sell insurance policies and manage policy operations. They must request access to specific insurance products through distribution requests. Retail firms can operate either as partners under a wholesale firm or independently with direct carrier relationships. Key Characteristics:
  • Direct customer relationships and policy management
  • Must request product access (no automatic access)
  • Submit derogation requests to wholesale brokers for approvals
  • Sell policies and handle customer service
  • Can operate independently or under wholesale partnerships

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What Brokers Do

Brokers are the individual insurance professionals who work within brokerage firms. They are responsible for the day-to-day operations of selling insurance and managing customer relationships. Core Responsibilities: Policy Management:
  • Create new policies (New Business)
  • Process mid-term adjustments when customers need coverage changes
  • Handle policy renewals
  • Process policy cancellations when requested
  • Submit derogation requests when operations require wholesale approval
Customer Service:
  • Update customer information and policy details
  • Provide documentation and policy certificates
  • Maintain ongoing customer relationships
Administrative Tasks:
  • Ensure accurate data entry for customers and assets
  • Track commission earnings
  • Coordinate with wholesale brokers when approvals are needed

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How Product Access Works

Wholesale Firms: When a wholesale firm is created, it automatically receives access to all insurance products available within the insurance carrier’s tenant. This immediate access allows wholesale firms to begin distributing products to their retail partners without delay. Retail Firms: Retail firms do not receive automatic product access. They must submit distribution requests for each insurance product they want to sell. The insurance carrier reviews these requests and grants access on a product-by-product basis. This controlled access ensures that only qualified retail firms distribute specific insurance products.