Updating channel agreements
🎯 Purpose
Instruction for amending a terms of business agreement (TOBA) with an intermediary or channel partner — commission changes, mandate extensions, or contact and banking amendments.
📊 Operational overview
Key operational metrics
- TOBA amendment turnaround target: 5 business days
- First-time-right execution target: 98%
- Banking amendment verification SLA: same business day
- Queue aging escalation threshold: >10 business days outstanding
- Signature completion target: within 7 calendar days
Continuous improvement priorities
- Reduce amendment rework caused by outdated clause references
- Increase e-signature adoption across intermediary base
- Improve CRM amendment tracking completeness
- Monitor fraud-control adherence for banking detail amendments
- Identify recurring approval bottlenecks across Distribution and Underwriting
🛡 Governance and ownership
Function | Governance responsibility |
|---|---|
Channel Manager | Amendment coordination, approval routing, execution oversight |
Distribution Manager | Approval of commission-related amendments |
Underwriting | Approval of mandate and scope amendments |
Finance Operations | Reconciliation management for commission-impacting changes |
Compliance | Fraud-control oversight and audit support |
🔒 Rules that always apply
- Only the current approved TOBA template from Policies and Standards may be used. Never edit a previously signed document.
- Commission changes require Distribution Manager approval before the amendment is drafted.
- Banking detail changes require a call-back verification to the number already on file — not the number on the change request. This is fraud control CTRL-D-11.
✅ Procedure
Log the amendment request in CRM under the intermediary account (Related → Agreement Amendments → New).
Verify the requester is an authorised signatory per the account record.
Draft the amendment on the current template; reference the master TOBA date and clause numbers.
Route for internal approval: commission terms to Distribution Manager; mandate scope to Underwriting; everything else to Channel Manager.
Send for signature via the e-signature platform. Wet-ink only where the partner cannot use it, with Channel Manager sign-off.
On return, attach the executed amendment to the account, update the commission agreement or mandate records to match, and set the next review date.
⚠️ Exception and escalation handling
⚠️ Escalation requirement
Commission amendments impacting active policy periods must be communicated to Finance Operations before the effective date to avoid reconciliation exceptions and broker statement inaccuracies.
🧾 Records and evidence
- CRM amendment request record
- Approved TOBA amendment document
- E-signature or wet-ink execution evidence
- Callback verification evidence for banking amendments
- Approval and review audit trail