Properly setting up bifurcations
In SIBRO, bifurcations are sub-components of a policy. Capturing bifurcation details is essential when each component of the policy has different tax or commission rates.
In India, certain policy categories require special attention when it comes to bifurcations. Below is a breakdown of how to handle bifurcations for each category:
1. Private Car
Two components are necessary: Own Damage and Third Party, as the brokerage percentage typically differs for each. That said, we should create four types of Private Car policies in the Policy Master: