Agency, Producer Commission, Fees, Taxes and Insurance Accounting in Salesforce or other AMS

Every agency needs to have at least basic automation for insurance accounting in their AMS or CRM like Salesforce. There are Agency Fees, Agency Commission settings for different carriers & lines of business, Federal and state tax settings, Producer commission configuration on the system level or policy level, automation of receivables and payables for Customers, Carriers, & Producers, and also on the basis of AL3 data received in commission downloads for direct bill policies.  We can help you with the development of this module in your CRM / AMS.

We assist global InsurTech companies and Insurance Agencies in the automation of agency management features like Insurance Accounting, Policy Administration, Commission Downloads & Reconcile, ACORD forms, IVANS Policy downloads, Rater Integration, and CRM features (Leads, Opportunities, Quotes, Campaigns, and more).

Feature Details

One part of the Agency & Producer Commission, Fees, and Taxes Management is the administrative user interface to configure various system-level settings like defining the agency commission percentage based on carrier &/or LOB, consultation, or other fees at first billing or later on, fixed commission amount, Producer commission rules (for new business, endorsements with updated premium, renewals, and commission in percentage, fixed, or other rules), State & Federal Tax rates per state, and any other charges.

The other part is to apply these rules when the policy & endorsement records are created or updated to calculate values and make entries into the insurance accounting system being used by the agency (like Quickbooks, AccountingSeed, or any other system in Salesforce or independently). So corresponding Receivables and Payables entries are created for the Customer, Producer, Carrier, State & Federal Government, etc as applicable.

There can be more advanced cases also like managing financed policies (like if the premium, fee, taxes, etc are sponsored by a third party), installment billing for creating installment entries, creating invoices based on the scenario, emailing to the customer, online payment gateway integration, settling the received and paid entries in the system, under or over payments and applying them to the future bills to name a few.

We have extensive experience in Insurance Accounting. Write to us today at our development email id for the development of these features in your system.


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