Apart from this, commission management also includes first billing management for both agency billing and direct billing policies. First billing includes professional fee charged by the agency from the customer for their services (like consultation fee). In addition commission management is also about commission reconcile - whether the figures sent by the carrier match the initial commission amount you expected and entered into you agency management system. Discrepancies are identified by the software and presented for manual review and correction. Another part of commission management is to create proper payable entries in financial accounting system (it can be your agency management system or a system like QuickBooks).
Other components include presenting unidentifiable commission transaction records before the use with all the details like Billing company, commission percentage, commission amount, Policy number, LOB code, Transaction code, Effective date etc. Agency User can manage downloaded commision manually on this screen. Information displayed on this screen helps them in linking customer account properly. Apart from this developing user interface to define commission percentage, consultation fee, fixed commission amount etc for producer, manager and agency are a part of this feature.
We have extensive experience in commission management. Write to us today at our development email id firstname.lastname@example.org for development of commission management feature for your agency or insurance agency management system.