Whether you’re new to the business or a seasoned veteran, commissions processing can be confusing and frustrating.
Streamline your commissions processing in an industry-specific CRM with commission capabilities. AgencyBloc’s Commission Module ties agents, policies, and commissions together for a complete view of a policy’s commission structure, each agent’s payout, and more.
Commission tracking helps you confirm that you received a commission payment based upon the carrier agreement for a particular product. Tracking involves monitoring when the payment comes in from the carrier and how much the payment is.
Commissions processing takes this process a step further. It lets you import the carrier files, reconcile and identify inaccurate payments, and split and calculate payments. Using AgencyBloc’s robust Commission Module, you can determine revenue type, manage and track complex splits, and gain insight from industry-specific, custom-built reports.
AgencyBloc's Commission Module follows six steps to efficiently track incoming commissions, scan for inaccurate payments, and monitor outgoing payments. In AgencyBloc, the steps are:
- Set Up Policies: Get the process rolling by setting up your clients and their policies in AgencyBloc
- Set Up Rate Tables: Configure your rate tables to make sure each policy pays out correctly to your agents, house, and other necessary persons
- Tie Payees to Policies: Connect all of the necessary persons to the correct policies to make sure they’re paid what they’re due for that specific policy
- Import Carrier Files: Upload your electronic carrier statements to automatically calculate commissions and reduce time spent manually inputting data
- Reconcile Commissions: Confidently identify when a carrier has made an error with your payments by quickly and easily reconciling your commissions
- 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 they’ve sold
"AgencyBloc really allows us to run our office in the most efficient manner. What attracted us most was the Commission Module, which has alleviated a lot of our time and lets us be more productive."
—Claudine N., AM Insurance Services
Making Commissions Processing More Efficient
AgencyBloc’s best-in-class Commission Module maps commission statements from the carriers into AgencyBloc. Commission data is then linked to the correct policy and agent with the correct payout rate for added efficiencies. Agencies using AgencyBloc have spent 75-85% less time processing commissions vs. their previous solution.
Uncover Missing Carrier Commission Payments
Ensure all incoming carrier commission payments are correct by managing your expected revenue vs. what you received. Track payments as you upload them to see where the compensation is accurate and where the numbers are off. Quickly locate and reconcile missing or inaccurate carrier commission payments to maintain your bottom line.
Agency Production and Commissions Analysis
Analyze agency production to learn from your data and make smarter business decisions. Use real-time analytics and reports to gather insight into what’s being sold, commissions coming in, and how they are being distributed between agents. Using this insight, you can better situate your business for the future to make informed, goal-oriented decisions.