Commissions Processing for Health, Group Benefits, & Senior Insurance Organizations

Insurance organizations use a variety of means to track and process their commissions.

Most agencies are using one of the following:

Process Commissions Efficiently

Now, it's no secret that commissions processing can be quite a trying job. It can be time-consuming for commission staff who might spend several days manually entering information, calculating splits, issuing statements, etc.

But, it doesn't have to be that way.

Using a system built specifically for your industry niche can make a significant difference in the time spent processing and the effort needed from the commissions department.

Identify Missed Commissions

Identifying missed commissions or inaccurate payments without an industry-specific AMS can be difficult, not to mention time-consuming. Thanks to AgencyBloc, figuring out how much you're owed from carriers is easy. By using AgencyBloc's Commissions+ solution, you can:

  • Track incoming payments
  • Compare payments to expected payments
  • Correct inaccuracies

Commissions Reporting

Besides processing commissions efficiently and identifying missed commissions, AgencyBloc's Commissions+ solution gives you the ability to run customized commissions reports. You can use your own commissions data to learn more about your agency and help you make informed decisions going forward.

Our commissions reports can help you:

  • Identify missed or inaccurate commissions
  • See which agents are top performers
  • See which carriers or products are top performers

With Dashboard Analytics, you can see real-time, high-level commission trends, while AgencyBloc's Custom Reports dig deeper into your data.

The 6 Steps

So how's it done?

AgencyBloc breaks down commissions processing into six steps. The first three are for setup, and the last three are the actual commissions processing. Once you have the initial setup done, it's done. You won't have to return and set it up again—unless, of course, something changes.

From there, processing commissions on those policies requires the following steps 4 - 6. Many agencies have found it to be a drastic reduction from what they were doing before. In fact, agencies have reported saving 75% of their time processing commissions just by switching to AgencyBloc.

Leslye G.

"We've been able to cut our time processing commissions by 75%, saved nearly $33,000 every year in employee time, and have gained 90 hours back every month. Switching to AgencyBloc was the best decision I made as a commissions manager."
—Leslye G., JTS Financial

To learn more about these six steps in AgencyBloc, check out the infographic below. On some screens, the text can get pretty small, so click on the image to open a larger version.

AgencyBloc's 6 Steps to Commissions Processing

Step 1: Set Up Policies

Get the process rolling by setting up your clients and their policies in AgencyBloc (this is the least amount of information necessary to process commissions in AgencyBloc).

Step 2: Set Up Rate Tables

Configure your rate tables to make sure each policy pays out correctly to your agents, house, and other necessary persons.

Step 3: Tie Payees to Policies

Connect all the necessary persons to the correct policies to make sure they’re paid what they’re due for that specific insurance policy.

Step 4: Import Carrier Files

Upload your electronic statements from the carriers to automatically calculate commissions and reduce time spent manually inputting data.

Step 5: Reconcile Commissions

Confidently identify when a carrier has made an error with your payments by quickly (and easily!) reconciling your commissions instantly.

Step 6: Generate Agent Statements

Keep your agents in the know with up-to-date, detailed agent commission statements so they can track what they’ve earned for what they’ve sold.

Wondering how this could work in your agency?

The best way to learn more about AgencyBloc is through a demo. We offer personalized 1-on-1 demos with our experienced sales reps for you to talk through everything.

Not quite ready for a demo? Check out our overview video to see a high-level overview of AgencyBloc.

Click below to request a personalized demo.

Request a Demo

This blog was originally published on March 25, 2019, and has been most recently updated and republished on February 22, 2022.

Posted by Sarah Rosonke on Tuesday, February 22, 2022 in Commissions+

  1. commissions
  2. data management
  3. productivity

About The Author

Sarah Rosonke

Sarah is the Design and Content Specialist at AgencyBloc. She creates and designs helpful resources to support life and health insurance agencies in growing and automating their business. Favorite quote: "You'll never do a whole lot unless you're brave enough to try." —Dol ... read more