Insurance provider Paymentshield is launching a new online facility called Premium Flex.

It says the service will enable advisers to ‘flex’ their commission in order to reduce the customer’s premium.

This facility will initially be trialed with a small section of the adviser market. However, Paymentshield is intending a wider roll out over the coming months.

James Watson, sales director at Paymentshield, said: “With more and more customers using price comparison sites and expecting more flexibility over their Home Insurance pricing, we are excited to be able to introduce this new tool for brokers to use.

“It is, of course, completely up to the individual adviser as to whether they decide to use this facility or not, but we feel there may be certain occasions where it may prove extremely useful.”

Advisers will be able to choose how much of their commission they wish to flex (usually up to 27.5% of the commissionable premium) with firms having the option to set the amount of maximum commission advisers within their business can sacrifice.

The Premium Flex facility will be rolled out to advisers obtaining Home and Landlord Insurance quotations from Paymentshield’s panel of insurers from this week.