Commissions Processing for Life and Health Insurance Agencies
Life and health insurance agencies use a variety of means to track and process their commissions.
Our recent technology survey found that nearly 75% of insurance agencies are using some sort of system to process and track their commissions. These agencies are using one of the following:
- An industry-specific agency management system (AMS) like AgencyBloc
- Commissions-specific software
What this means is that nearly 3 in 4 life and health insurance agencies are actively processing, tracking, and managing commissions.
Now, it’s no secret that commissions processing can be quite a trying job. It can be incredibly time-consuming and a real drag on employees who might spend their entire day 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 overall effort needed from the commissions department.
So how’s it done?
In AgencyBloc, commissions processing is broken down 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, to process commissions on those policies requires following steps 4 - 6. Many agencies have found it to be a drastic reduction from what they were doing previously. In fact, agencies have reported saving 75% of their time processing commissions just by switching to AgencyBloc.
"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
The other benefit of these steps is that you will be actively seeking out missed commission payments and errors to ensure you’re always getting paid what you’re due.
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.
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 5-minute overview video to see a high-level overview of AgencyBloc.