If you’re processing insurance commissions manually, you’re likely drowning in commission-related duties. What you need is an insurance commission tool that can alleviate the stress of processing commissions for your agency. With insurance commission software, you can dramatically reduce commission management workloads, slice costs, and speed up payments.
Discover the true value of insurance commission software by reading through the top benefits insurance agencies can gain from implementing it:
1. Pay Out Insurance Commissions Faster
The faster your pay outs are, the happier your agents will be. Unfortunately, manual commission management often leads to delayed payouts. Not only do sluggish processes frustrate agents, but they can also throw off end-of-month reporting and force you to wait as commission figures crawl in.
With insurance commission software, you can automate payments on a monthly, quarterly, or annual basis. You can also use custom pay codes to account for commissions that have already been paid out or are acting as an advance. All of this can carve out more time in your day and improve relationships with agents.
2. Manage Chargebacks with Ease
Manually managing chargebacks isn’t just a hassle—it could also be wrecking your agency’s profits. Plugging information into different sheets to calculate chargebacks wastes time, exhausts staff, and presents the ever-looming threat of making a costly error.
Commission tracking software simplifies chargebacks in several ways:
Generates clear chargeback reports: Some software will generate reports that showcase the full dollar value of chargebacks throughout a cycle, so you can easily plan in advance.
Recovers money quickly: With features such as early cancellation processors, this software makes it easier to quickly recover money. With a clearer picture of finances early on, you can map out growth strategies and spend less time piecing together the numbers on your own.
Balances the books: Insurance commission software includes features that automatically adjust both 1099s and W2s based on your agents’ balances and commissions—potentially saving the accounting team hours of time.
3. Simplify Hierarchies and Grow Your Agency
Hierarchies may be an essential part of insurance commission, but they can be a nightmare to manage—especially if your agency is expanding. As your agency grows, positions change and carriers multiply, so your commission hierarchies can become jumbled and complicated.
Insurance commission software makes it easier to manage hierarchies in several ways:
Organizes hierarchies automatically: This software automatically compiles contracts and organizes hierarchies.
Sorts and tracks commission details: With advanced commission software, you can easily track commissions by position or contract.
Provides reporting dashboards: Clear dashboards display your team’s most important KPIs, commission advances, and other important reporting figures.
4. Use Software to Save Time and Boost Efficiency
Make no mistake: Manually inputting and managing insurance commission wastes time and leads to errors. According to IBM, 88 percent of spreadsheets include at least one error. Even a small mistake can balloon into major accounting or payout disasters.
Insurance commission software alleviates these worries and frees up time by completing those meticulous manual processes for you. For instance, some advanced programs let you easily import and export files, so you don’t need to waste time searching for figures and plugging them into sheets. At the same time, because software includes analytics and dashboards, you don’t need to synthesize that information into manual reporting figures—or worry about missing a decimal.
5. Organize Carrier Information Automatically
Juggling carrier and policy information can be a tough task if you want to keep insurance commission figures straight. Unfortunately, that challenge is amplified when your agency grows and picks up new offerings. This is another area in which insurance commission software dramatically simplifies the commission management process.
With insurance commission software, carrier and policy information is organized and laid out in a single platform. You can automatically track multiple carriers, single carriers, new business, and recurring business, all at the same time. Ultimately, this can free up time to push the agency forward and can lead to happier employees.
Is Comissio Right For Your Agency?
If you’re tracking and managing commissions manually, insurance commission software could be a lifesaver. However, not all commission software will include the features your agency needs to lift productivity and grow.
Comissio is insurance commission software that is designed specifically for the insurance industry. It targets the challenges agencies face and helps insurance professionals overcome them—saving them time and boosting their profits.
Want to see how Comissio works? Schedule a demo now for an inside look at this advanced insurance commission software.