Overview
All commissions are posted at the policy level. To post a commission payment on a policy, laying the groundwork is essential. This includes who gets paid, who gets paid what, and how the dollar amount is calculated.
IN THIS ARTICLE
Video guide (3:59)
5/30/2018 - We made some minor design changes to the Commission Settings page layout, but the content and processes in this video are still accurate. See release notes for more details.
What you need to set up
To process your commissions in AgencyBloc, you need to:
1) Set up agent records
Make sure every person and organization that is receiving commissions (agent, broker, producer, agency, and any other third parties) has an agent record in AgencyBloc. You need agent records for payout and reporting purposes.
House account
A “house account” is another way to track a net commission amount for your agency. To set up a “house account”, create an agent record and name it “Account, House” or use your agency’s name. Once set up, you can add it as a payee to policies for commission payouts and splits.
2) Set up policy records
Make sure you have a policy record in AgencyBloc for every policy that is receiving commission payments from the carrier. To calculate payouts and splits in AgencyBloc, you’ll need to set payees on policies that receive commissions.
To successfully post commission payments in AgencyBloc, make sure your policies have the following data:
- Required
- Policy Status
- Carrier
- Coverage Type
- Policy Number and/or Commission Number
- Recommended
- Policy Effective Date
If you need to create or update a lot of policies, we have a data import tool that can help you with this. Reach out to the Client Success Team for more information and assistance.
3) Enter commission payments
You can import/upload your commission payments into AgencyBloc or you can enter them manually.
Import/upload
You can use Excel spreadsheets to effortlessly import/upload commission data from carriers. Check with the carrier to see if they’ll send you your commission payments in Excel spreadsheets. Otherwise, you can compile all of your commission data into our standard import template and import/upload.
Note: If you’re not using our standard import template, make sure you have mappings set up for every carrier that is sending you commission payments in Excel spreadsheets.
Enter manually
We recommend using our standard import template if the carrier isn’t able to provide Excel spreadsheets to ensure accuracy. If you have one-off or unique scenarios, you can manually add & edit commission entries.