How insurance commission works in South Africa

Two ways people get paid

When you buy a policy, the person who sold it to you is usually paid a commission. A commission is a share of your premium, paid by the insurer to the adviser or broker for as long as the policy runs. The rules for how much they may earn are set by the regulator, and the adviser must tell you what they are paid if you ask.

A referral fee is different. It is a fixed amount paid once for introducing you, and it does not depend on what you buy or whether you buy at all.

What Olvian is paid

Our service is free to you. The insurer pays us a flat fee for the referral, and that fee is the same whether you buy or not. It does not change your premium and it does not depend on whether you buy.

We do not show you prices, we do not rank insurers, and we cannot tell you which policy to pick. The insurer who calls you is licensed to do all of that. Every insurer on our panel pays the same kind of flat fee, and that fee never changes with what you buy.

What to ask the insurer

The licensed representative who calls you must tell you who they are, that they represent the insurer, and their FSP number, before they discuss any product. They will explain the policy, the premium, the waiting period and the exclusions, and give you a written record if you go ahead. Ask them what they are paid. They have to answer.

Draft for review. Sentences are drawn from the published Olvian copy; expand before launch.