IVANS Commission Downloads, Reconcile and Split Management

If you want a comprehensive commission management feature in your Agency Management System we can assist you. Our insurance software developers are experts in the insurance domain as well as software development. We assist global InsurTech companies and Insurance Agencies in the automation of agency management features like Policy Administration, Commission Downloads & Reconcile, ACORD forms, IVANS Policy downloads, Insurance accounting, Rater Integration, and Lead/Task management to name a few. Commission Downloads & Reconcile is a key module in any Agency Management System. Manually downloading commission AL3 files, converting AL3 to JSON, entering commission transactions into the AMS, matching the expected commission with the actual, calculating commission splits for producers, recording agency fee, creating payable entries and other such tasks is a lot of work and can be error-prone as well. By automating this entire process, any agency management system becomes extremely powerful for agencies and saves them a lot of time along with providing accurate information.

Commission Management Feature Details

Direct Bill Commission Management includes downloading the commission transactions from carriers in AL3 format (through IVANS for example), converting AL3 to JSON/XML, parsing JSON/XML to read each transaction, and posting the commission amount into the AMS against matching policy, highlighting significant differences between Expected Commission and Actual Commission, providing a way to zero-diff insignificant difference in figures, and also providing a way to match the unmatched transactions (if there is no match on the basis of policy number or insured name for example). The next part of this is splitting the commission among one or more producers associated with the policy according to their split percentage. Split for the manager is also calculated as configured (so the splits depend upon the split rules defined).

Apart from this, commission management also includes first billing management for both agency billing and direct billing policies. First billing includes the professional fee charged by the agency from the customer for their services (like consultation fee). 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 user with all the details like Billing company, commission percentage, commission amount, Policy number, LOB code, Transaction code, Effective date etc. Agency Users can manage downloaded commission manually on this screen. The 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 dev@webnersolutions.com for the development of commission management feature for your agency or insurance agency management system.

List of all that is covered in Commission Management

Given below is what is covered in commission download and reconciliation process:

  • Code to download AL3 files from IVANS through IVANS API without manual intervention
  • Converting AL3 to JSON (Click here to check our AL3 to JSON convertor)
  • Extracting Gross Premium Paid, Commission Rate and Commission Paid by carrier from AL3 data and storing into AMS
  • Displaying minor or significant mismatches between Expected and Actual commission amounts and providing a way to zero-diff insignificant differences
  • Presenting transaction records (that could not be matched on the basis of Policy Number or Insured Name) on UI for manually connecting to corresponding Policy/Account
  • Calculating Producer Payables on the basis of Producer split percentage
  • Accounting system entries (payables to producers)
  • Notifying/emailing admin the overall summary of downloads

Learn more about our Insurance Software Development Experience

Webner is trusted by renowned companies across the globe for our responsiveness, diligence and technical expertise. Contact us today for the development of Commission Management and other Insurance agency management system features by writing to us at our development email id dev@webnersolutions.com or by filling the contact us form.
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