A productive, professional agent is one of the most valuable assets an insurance agency can have when competing in a crowded marketplace.
Great agents who have experience, knowledge, and training are vital to your success. They are the engine rooms of the business, driving it forward with their sales and marketing skills.
Agencies that want to remain competitive need to have the culture and systems in place to attract and retain the top talent available to them.
Having robust and efficient insurance agency software is one of the best ways an agency can stand out from the crowd and ensure that its sales agents are focused on the job at hand.
Additionally, taking the stress and worry out of the complicated task of calculating and paying recurring commissions allows an insurance agency to be unconcerned with competing businesses tempting agents away who may be frustrated with an inefficient, cumbersome commission tracking system.
Making sure that your star agents are paid their commissions accurately and on time is easier than you might think with the right insurance commission management software.
What is Insurance Commission Software?
This software is specifically designed for accident, life, and health insurance businesses to track, calculate, and accurately pay out commissions to their sales agents.
It is a powerful tool that allows the agency to have full control over its payout processes.
Great insurance commission software, like Comissio, is easy to use, simple to deploy, and easy to manage. It gives an insurance business increased visibility on which of their agents are performing well and those that are not.
It can also identify the products that are finding success in the marketplace and highlight ones that are not selling well.
However, not all insurance commission tracking software is created equally. With Comissio, you can calculate commission advances, as well as track the individual policy and agent debit balances created by those advances. This helps ensure you know when a chargeback is applicable in case the policy expires before the advance is recovered. With Comissio, you also begin paying those commission as earned when and/if the policy and agent advance balance is paid off.
What Makes Great Insurance Commission Software?
Many insurance businesses have legacy systems that are cumbersome and inefficient. This can be detrimental to their success and growth over time.
Costly errors can occur when calculating recurring commissions manually, leading to agents being either under or overpaid.
It should also be easy to manage with automated workflows and a unified hub of tools that calculate commissions, issue payments, and automatically generate the correct statements.
Finally, it should monitor and track in real-time active, lapsed, and canceled policies so that any commissions that have been incorrectly paid can be recovered.
Existing commission systems are often a hybrid of manual calculations and off-the-shelf systems that are poorly adapted to the unique requirements of the insurance industry.
Well-designed software can run recurring and new commissions in the same payment cycle, process different carriers simultaneously and easily calculate complicated commissions.
It should also be able to scale quickly, allowing growth in the business to be sustainable while at the same time being able to handle different commission structures and multiple carriers.
One of the most challenging aspects of the insurance business is managing the performance of the sales agents they employ.
Great insurance commissions software is so much more than just calculating the correct commissions and paying them out timeously and efficiently.
Detailed analytics and real-time reporting are powerful tools that give an insurance agency the ability to know precisely how well their agents are performing and which of their products are doing well in the marketplace.
It allows for the tracking and recovery of incorrectly paid commissions, clear visibility of metrics that are easy to understand and important to the company, actionable data, and robust reporting.
Mitigation of chargebacks is of critical importance too. Having a good early cancellation processing tool makes it easy to recover lost or outstanding revenue.
The best software combines simplicity and automation to give you the information you need to manage your sales team and identify those areas that may need to be improved on.
Having to deal with different manual systems that process commissions can be both cumbersome and inefficient. This can lead to resources being utilized ineffectively and an increased cost burden on the insurance agency.
Sales commission tools are excellent at optimizing the resources available to the agency, providing clean automated reporting that is structured to assist the business in achieving the goals and objectives it has set for itself.
It should also be able to deal with various pay codes and have the import capabilities to automate payouts, regardless of their type or complexity.
A good, automated platform will streamline workflows in an insurance agency. This means that clumsy spreadsheets are not required, mitigating the impact and frequency of costly mistakes that are caused by human error.
Any business that wishes to retain and increase its competitive advantage needs to be able to respond quickly to changing market conditions and have the flexibility to scale efficiently as it grows and matures.
This is especially true of insurance agencies.
The complex nature of the products that they sell, having to deal with different carriers, and managing sales agents with varying commission structures can lead to costly errors and decreased visibility of the statistics and metrics required for its continued success.
One of the best, most cost-effective, and impactful changes an agency can make is the way it manages and deals with sales agent commissions.
Deploying world-class insurance commission software that is designed specifically for the health, life, and accident insurance sector is one of the most efficient ways that this can be achieved.
Having all the information they need, in an easy-to-understand format that is coupled with a suite of completely automated tools ensures that they have everything required to dominate the marketplace and sustain their growth.