How to Streamline Your Commission Tracking Process

February 7th, 2023

1 min read

Whether you’re new to the business or a seasoned veteran, commissions processing can be confusing and frustrating. 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 a robust Commission Module, you can determine revenue type, manage and track complex splits, and gain insight from industry-specific, custom-built reports.

Solution

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.

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 is an agency management system that helps life and health insurance agencies grow their business with an industry-specific CRM, commissions processing, and integrated business and marketing automation.

PSM is proud to partner with AgencyBloc to assist Medicare agents and agencies in organizing and making their overall business more efficient through automated solutions. Request a live demo today

Topics:

Medicare Sales

commissions

CRM

agencybloc

How to Streamline Your Commission Tracking Process

Solution

In AgencyBloc, the steps are:

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