Commission Management (split calculation), Commission Downloads and Reconcile

If you want comprehensive commission management feature in your Agency Management System we can assist you. Our insurance software developers are expert in insurance domain as well as software development. We assist global insurance software development companies and agencies in automation of agency management features like Commission Management, ACORD forms, policy downloads, insurance accounting to name a few. Commission management is a key module of agency management system. Manually downloading commission statements, entering commission transactions into agency management system, 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 commission management 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 Billing Commission Management includes downloading the commission transactions from carriers in AL3 format (through IVANS for example), converting AL3 to XML, parsing XML to read each transaction and posting the commision amount into agency management system against matching policy. 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 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 dev@webners.com for 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 statements download and reconciliation process:

  • Configuring IVANS or Teamup downloads of commission transactions automatically without manual intervention
  • Parsing downloaded file to extract commission transaction details and posting to the agency management system, calculating splits according to rules defined for producers, managers and agency
  • Accounting system entries (payables)
  • Presenting unidentifiable transaction records on user interface for manual reconcile
  • UI to post fixed agency fee, consultation fee and any other professional charges
  • Notifying/emailing admin the overall summary of downloads
  • Reconciling against expected figures to find mismatch in amount and presenting the same on screen for resolution
  • Reconciling against your actual bank receipts and invoices

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@webners.com or by filling the contact us form.

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