Automating Your Commissions Processing
Last week we discussed how automating your commissions processing can take you from being a good agent to a great one. Having an automated commissions processing system allows you to use your time more effectively while also reducing human-prone errors throughout your process. But time saved and fewer errors aren’t the only benefits you’ll find with an automated commission component.
When searching for a system that can help you automate your commissions processing, you should seriously consider asking about its projecting capabilities. A commission platform with projection capabilities means that you can track and monitor all payments coming in from your various carriers to ensure they are what you expected to receive.
Why is this important?
Carriers can get behind, especially when the policy is first written, so their payments can be delayed or sometimes even lost. If you’re processing your commissions via Excel spreadsheets or paper files, this can present a problem since the correct amount will no longer be top-of-mind and errors can easily be missed which means you don’t receive everything you should. And for 30% of insurance agents, this is their individual, independent company, so any dollars lost are critical for the company.
AgencyBloc’s Projecting Commissions (AvP) module allows you to track all the payments from carriers within our animated Dashboard to ensure you never miss a payment and always receive the full and correct one, too. Our dashboard pulls the data from your entire book-of-business in real-time, so the analytics, charts, and graphs are always up-to-date. This helps you to identify any missing commission payments or incorrect payments so that you can act on them immediately.
In addition to helping you receive accurate commissions, the AvP component helps you to make more informed business decisions for the future by analyzing which of your carriers is your best for sales and which ones you could let go. You’ll be able to see your current production and payout, look at the historical data of your commission payments to understand growth, and set goals for the future that you could reasonably achieve. Projection capabilities assist you in staying on top of your commission payments and can help take the stress out of the entire commissions process.
To better understand how AvP works, check out this short overview video about Projecting Commissions: