Tracking Producer Comission
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Tracking Producer Comission
We are trying to find an efficient way to track Commissions for producers. As you know endorsements are added and people cancel etc... Tracking commissions becomes a full time job. Thanks.
Western commercial hub.
www.premieroc.com
www.premieroc.com
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Re: Tracking Producer Comission
I can only assume from this question that you either don't have any kind of agency management software, or the software you are using is from the dark ages. Agent commissions are one of the easiest things to track with the proper software. What are you using?
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Re: Tracking Producer Comission
Island Girl Agent: we have a very comprehensive database for monitoring most aspects of the insurance process, although weak in producer commission tracking. I also would be very interested in a software program that would specialize in tracking retained and non-retained commissions. Pretty comfortable with the rest of my software but would like a stand-alone commission tracker that each agent could utilize for their own production
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Re: Tracking Producer Comission
What line of business are your producers selling? The reason I ask is because I have a client that had the same need but couldn't find what they were looking for on the market. I am just wrapping that application up for them and I maintain marketing rights of the finished product. However, this was written for a life BGA. It sounds like the products your producers are selling may be P&C.
Ruth Coleman - President of Top Niche Solutions, Inc - rcoleman@TopNicheSolutions.com
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Re: Tracking Producer Comission
About 85 % P&C the rest Life and Health
P&C a problem with non-retained General Liability, Commercial Auto, and Workers Comp where the insured pays periodically and commissions paid as premium received
Health commissions usually paid as premium received normally monthly
Life frequently annualized but not always so of some importance when insured pays quarterly or monthly deduction
P&C a problem with non-retained General Liability, Commercial Auto, and Workers Comp where the insured pays periodically and commissions paid as premium received
Health commissions usually paid as premium received normally monthly
Life frequently annualized but not always so of some importance when insured pays quarterly or monthly deduction
Re: Tracking Producer Comission
We use Hawksoft, We are part of an aggregate so they give us access though their main frame. Ive asked them about it but never a staright answer. I guess I have to call Hawksoft or try and find a different solution. Any help is appreciated.
Western commercial hub.
www.premieroc.com
www.premieroc.com
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Re: Tracking Producer Comission
JAM,
If tracking these commissions is close to a full-time job, then as Island Girl Agent mentioned, it is time to look at an agency management system that (once it is configured properly) does it for you. How much would you pay a full-time position to track commissions your agency? That is a good starting point to see how much you can afford to pay for a more functional management system (which will also streamline your operations in many other areas and can save you more than just on commissions tracking.)
Regards,
Jason
If tracking these commissions is close to a full-time job, then as Island Girl Agent mentioned, it is time to look at an agency management system that (once it is configured properly) does it for you. How much would you pay a full-time position to track commissions your agency? That is a good starting point to see how much you can afford to pay for a more functional management system (which will also streamline your operations in many other areas and can save you more than just on commissions tracking.)
Regards,
Jason
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Re: Tracking Producer Comission
We've been using Applied Sofware for many years. It tracks everything. Yes, it has a few quirks, and we've looked at other software from time to time, but with most of your revenue coming from the P & C side, it's a good fit. Good luck!
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Re: Tracking Producer Comission
The stand-alone system that I wrote is geared more for Brokerage General Agents (BGA) and tracks the complete payout of cases including who paid (IMO, Carrier, Wholesaler) and who were the payees (IMO, BGA, Wholesaler, producer, produce upline...) A producer wouldn't have access to their BGA/IMO information of course, but he/she could track what he/she SHOULD be getting from all parties (Carrier, BGA, wholesaler) so with a few adjustments, this system could potentially work for them. With that in mind, I would very much appreciate input on specifics that any of you may be looking for in a producer specific version.
This system is in Beta at a BGA in (metro) Atlanta now.
rcoleman@topnichesolutions.com
This system is in Beta at a BGA in (metro) Atlanta now.
rcoleman@topnichesolutions.com
Ruth Coleman - President of Top Niche Solutions, Inc - rcoleman@TopNicheSolutions.com