If your agency is subscribed to our Commission Processing module and you process commissions at your agency, review this article to learn how to set up and process commissions, and run statements in AgencyBloc.
Before you get too far, have you reviewed the CRM basics? Knowing the basics will help you detect and correct discrepancies between your book of business and imported commission statements.
IN THIS ARTICLE
1) Set up commissions
Before processing commissions in AgencyBloc, review and familiarize yourself with your agency’s commission settings. You will continue to update and adjust these settings as your agency grows. Watch the Getting Started with Commissions video for an overview.
- Create Rate Tables
Define standard payout scenarios and amounts that will apply to policies with commission, so AgencyBloc knows how to pay your payees.
- Set Payees on Policies
Assign payees to policies within your account, so AgencyBloc knows who to pay.
- Create Payee Schedules
Define payees and payout amounts that will apply to policies with commission. Payee schedules will save you time by creating a shortcut for adding payees and rate tables.
- Set Policy & Agent Defaults
How to set commission payee defaults for new policies. These defaults will allow you to automate the process of setting up rate tables and payees.
- Submit Import Maps
There are many different ways that carriers send commission statements, so it’s important to have an import map in AgencyBloc for each one. You can also modify an existing map and track map request progress.
- Manage Agent Statement Settings
Brand and customize the header of PDF statements. If your agency has agent statement users, you can control which statement formats they can see and run.
2) Process commissions
Import your commission data or enter it manually, and AgencyBloc will take care of the splits for you.
Note: Commissions are paid on a per-policy basis. To pay a commission, each policy needs to first be set with agents as payees (who gets paid) and rate tables (how much gets paid).
- Import Commission Data
How to import carrier provided commissions data.
- View & Edit Entries
How to view and edit entries after you've imported commission data.
- Reconcile Commissions
How to reconcile your commission data.
If you have questions about linking policies to commission data or errors show up when uploading commission statements, check out the Commission Processing FAQs article. If you don't find an answer to your question, please contact our Client Success Team.
3) Run agent statements
After processing commissions, generate a statement to give to your agent with their paycheck. AgencyBloc has six statement formats. Each one changes the focus of the statement data to give you and your agents different perspectives into the commission activity of a particular time period.
4) Find missed commissions & other insights
To get the most out of our commission reports, you will want to have at least 2-3 commission cycles of data in AgencyBloc. This is because many of our commission reports look for patterns and trends month to month. Thus, the longer you’ve been processing commissions and the more data you have, the better.
- Commission Not Received Report
View expected and received commissions for a particular month or specify a date range. Find months with missed commissions.
Run & maintain commission features
Once your agency has at least 1-2 commission cycles of data in AgencyBloc, you can start using some of our more advanced commission features.
- Move Commission Payments
Move commission payments from one policy to another to correct mistakes that happen during commission processing or when there is a duplicate policy.
- Use Revenue Types
With revenue types, you can create distinct payouts if your agency pays overrides differently than commissions.
- Frequency & Advances on Policies
Track and monitor commissions received. This is important for reporting and also ties into commission projections, which compare your projections against the commissions you actually receive from the carriers.
- Project Commissions
Use projection tables to plan the commissions you expect to receive and chart the growth path of your agency. Compare against the commissions you actually receive and reach out to the carrier when you’re not receiving what you're expecting.