Commission tracking is one of those features that is constantly changing and evolving. Every
agency tracks its commissions differently. Some carriers pay the agency on
commission earned basis. Other carriers pay the commission all upfront, and if a policy cancels then the agency is responsible for returning the unearned commission back to the carrier. The way agencies pay commissions to the agents also varies from agency to agency. Some pay the agent commission upfront; some pay gradually as the policy matures. Besides how commission is paid, other variables need to be considered. The commission amount an agency is receives, also depends on the line of business, new vs renewal, length of the policy and much more. All of these parameters need to be considered in the
commissions tracking module.
The
commissions module in our
agency management system is very robust. It takes into account almost
every possible scenario. We started with some basic calculations and automation. Then as more and more agencies began using our system our demands for further customization and automation started pouring in.
We personalized this particular module to fit all kinds of demands. We added carrier and agency fees. Then commission percentage from carrier fees was added. Some agencies wanted to pay commission to the agent from those fees as well. Other agencies asked us to integrate our commissions module with the invoicing and receipts module. All kinds of possibilities. The commission module today is a very
comprehensive and agile solution. It is constantly changing and evolving. We are the only
insurance agency management system which is willing to customize this module to fit the specific and unique needs of each agency.
As with many other features, we really surpassed the competition with this module. It is far, far ahead of what else is on the market. Other
agency management system may have a place where the agent can add some commission amounts and then print some reports based on that data. However, our approach with its massive amount of
behind the scenes calculations and automation is the most advanced and optimized solution.