Custom Reporting for Life & Health Insurance Agencies: Commissions

By Kelsey Rosauer on April 10, 2018 in Product Updates

Custom Reporting for Commissions

Life and health insurance agencies are increasingly looking towards technology, like an agency management system (AMS), to help them glean actionable insights from their data so they can make smarter business decisions. In fact, our annual Insurance Agency Technology survey showed more agencies are planning to adopt an AMS for the first time this year (23% vs. 15% last year). Another 15% are planning a switch from their current system to another AMS.

What kind of insights are they looking for? Many are interested in things like agent production, growth charts, and overall performance metrics (Check out Custom Reporting for L&H Insurance Agencies). But there is another large of area of interest: commissions.

Commission Report Examples

There’s a wide range of commission reports agencies run (the beauty of Custom Reporting!), but here are a few examples to give you an idea:

  1. Commission Totals
  2. Commission Received
  3. Policy Commission Payees
  4. Commission Payments
  5. Commission Projections

1. Commission Totals

This report shows you a summary of commissions coming into your agency. Customize the report by picking your own filters and columns. Filter by statement date to capture a certain time frame, and add columns based on the data you want to see, like:

  • Commission received and paid
  • Net commission
  • Carrier
  • Payee

2. Commission Received

This report allows you to monitor commissions received by policy, group, individual, or carrier. Again, filter by any time frame that makes sense to you, and add the data as columns that you want to see. For example, if you’re running a policy-specific Commission Received report, you might be interested in seeing:

  • Policy holder type & name
  • Carrier
  • Policy number & status
  • Coverage type
  • Effective & term dates
  • Premium
  • Agent info

Agencies would likely run a report similar to this for client-specific details on their groups and individuals, as well.

3. Policy Commission Payees

This report lets you take a look at how you currently have your commission payees set up on your policies. Use this to double-check for accuracy or to share the information with others quickly. You can pull things like:

  • Policy holder name
  • Carrier
  • Policy number and status
  • Effective & term dates
  • Servicing agent
  • Commission rate
  • Payee schedule

All of these columns are customizable by you depending what information you’re after.

4. Commission Payments

This report summarizes details related to commission payments you’ve received. You can add as many columns (details) as you’d like. Some common ones might be:

  • Group
  • Policy number
  • Coverage type
  • Statement date
  • Bill from date
  • Payee
  • Commission rate
  • Premium

5. Commission Projections

This report shows you a summary of projections for policies you’ve set up. Information like this allows leadership to compare where they are currently with where they could potentially be in the context of commissions. Columns included might be:

  • Policy holder name
  • Carrier name
  • Policy number & status
  • Coverage type
  • Effective & renewal dates
  • Premium
  • Lives
  • Group information: type, employer association, individuals
  • Commission information: commission frequency, advance months, commissionable premium, projection table

Why Custom Reporting?

Insurance agencies who utilize Custom Reporting are more proactive and better able to make informed, strategic decisions. Custom reporting allows agencies to pinpoint exactly the information they’re looking for. Though AgencyBloc does provide some industry-specific standard reports, Custom Reporting is where the true power lies for many agencies.

Get a glimpse into AgencyBloc's Custom Reporting

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Kelsey Rosauer

Kelsey is the Marketing Brand Specialist at AgencyBloc. She plans and creates educational resources to help our customers organize, automate & grow their insurance agency. Favorite quote: "I am convinced that life is 10% what happens to me and 90% how I react to it." —Charles R. Swindoll  More articles