With January’s updates, we added a new rate type to help you simplify commission payouts.
01/16/2020 - Commission Processing: New % of Remainder
01/16/2020 - Commission Processing: New % of Remainder
Rate Types
This update features a new % of Remainder rate type to help you simplify commission payouts. You can use this new rate type to assign 100% of a policy’s remaining commissions to the house or another payee for any payout scenario.
Watch the Handling Commission Remainders video for a quick tutorial.
Here is what we updated to support the new rate type:
- Rate tables - When creating/editing rate tables, you can add rates for % of Remainder.
- Payee schedules - If you’re using payee schedules, you can add manual rates for % of Remainder.
- Policy records - When setting payees on a policy, you can add manual rates for % of Remainder.
- Commission entries - When you edit commission entries, you can add manual payments with % of Remainder.
- Standard Reports - The Policy Commission Payees report may return results with % of Remainder if it’s being used in any rate tables, payee schedules, payees, etc.
- Custom Reporting - You can filter custom reports by % of Remainder. Also, adding a column for “Rate Type” may return results with % of Remainder if it’s being used in any rate tables, payee schedules, payees, etc.
Standard Reports
Policy Commission Payees report
The Policy Commission Payees report now has an option for you to include “Additional Agents” in your report downloads.
Also, if your agency is tracking “Revenue Type” in AgencyBloc, this report will now include a column for “Revenue Type”.