The quality of your data determines the value of your agency. If you ever get to the point of wanting to sell or passing on your agency, you’ll want to be sure that your data is accurate. Doing so could encourage your predecessor to purchase and possibly pay more for your business. Additionally, having accurate data helps you to run your agency in a smoother manner and be more productive with your time, which leads to a more productive business. When your data is in line, and you can see your business clearly, you’re able to predict and plan for the future better, which can benefit your agency, your agents, and your clients. Having accurate data can help you not only determine your agency’s goals but also help you achieve them.
What exactly is accurate data?
Accurate data is a bit of a funky term. I bet you’re saying to yourself right now, “well, duh, of course, my data is accurate.” But are you sure? Here’s how my co-blogger here at AgencyBloc Kelsey describes what we mean by accurate data:
Accurate data is:
- Organized. This is crucial. It’s like when you are working on a group project, and someone has done some work, but it isn’t clear where they left off or what they even did in the first place. The data needs to be super organized to the point where someone can look at it and understand where to pick up quickly. For an insurance agency, this would mean having your data in an agency management system first and foremost. Otherwise, there really isn’t an easy way to maintain organization. Maybe your spreadsheets or paper files have worked for you, and that’s fine. But when it comes to selling your agency, a buyer probably won’t want to take on that data knowing they have to do the data migration themselves with your data.
- Updated. This goes with organized, but it’s important to mention because often times, agencies will get their data into an agency management system and then do nothing with it. An agency management system is made to make your life easier, so take advantage of that.
Having your data organized and updated is step one in getting your commission’s ducks in line. Once you have made sure that your data is accurate, it’ll make processing commissions so much easier. Let’s be honest, processing commissions is a pain no matter which way you look at it, but it’s even more of a drag if your data is out-of-date and messy.
Keeping up on it
It goes without saying that getting to the point where all of your data is accurate is painstaking work, so do yourself a favor and keep up on it. This will also help you in simplifying processing the commissions because you won’t have to set aside hours of your time again just to reorganize and update all of the data your agency holds. You’ll thank yourself for this later, I promise.
Updating your data as you go will also clear your mind of the clutter, making you less stressed. And since it makes processing commissions so much easier, you won’t dread the coming pay period. Coupling these will make your life just that much happier, you won’t hate going to work, you won’t stress about the amount of work on your plate, you won’t dread the work you do. Keeping your data clean and concise will allow you to save time, money and make the most of your work week. How many times do you wish that there were more hours in the day? Well, by keeping your data accurate you’ll earn more time each pay period to take on new, exciting challenges within your agency.
When your data is in order and ready to go, you can process commissions much faster because all the information you need is at hand and easy to input into calculations. You won’t need to worry about fact checking each piece of data or ensuring the correctness of the data. Simply, you will calculate each commission in a quicker manner that will save you time, stress, and headaches. Who wouldn’t want that?
Secondly, by keeping your data accurate, you will better be able to see where your agency stands. You will be able to see where your payments are coming from, how much they are, to whom they are going to, and more. You’ll have more control over your agency and have a better idea of when to take what big steps (like expansions, hiring, acquiring, or cutting ties with certain carriers). Having this security will allow you to sleep better at night and feel more confident in your agency and its future.
How AgencyBloc Helps
AgencyBloc helps to keep your data organized and updated. We’ve discussed how accurate data can only positively affect your life, but with AgencyBloc all you have to do is keep it updated. Our cloud-based system keeps all of your information in an orderly fashion which you can access from anywhere you have internet or wifi. Update your data as you go, and AgencyBloc’s software will slot it with all the other information pertaining to that policy, carrier, policy holder, agent, etc. We customize the organization to best fit your needs.
You can gain more time back in your week. AgencyBloc makes it simple with our 6-step system for processing your commissions:
- Step 1: Setup Policies
- Step 2: Setup Rate Tables
- Step 3: Tie Payees to Policies
Once steps 1 - 3 are done, you will never have to input that data again, just keep it accurate and input new data as it comes. Steps 4 - 6 are the magic of AgencyBloc and how it makes processing commissions a breeze.
- Step 4: Import Carrier File
- Step 5: Calculate/Reconcile Commissions
- Step 6: Generate Commission Statements
AgencyBloc’s system shows all the payments that you’ve received, are missing, are inaccurate, and how they compare to what you expected and projected. Want to learn more about these 6 steps? Check out our blog that proves AgencyBloc’s system will make your life processing commissions so much simpler.
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