Insurance Agency Management: The book, the commission and the client money for a broker

Accounts, policies and renewals across every carrier you place with, with what each carrier owes you, what it paid and what you owe your producers kept on one ledger.

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Insurance Agency Management in the Insurance Suites: The book, the commission and the client money for a broker

A carrier statement, matched line by line

Import the carrier's own file through a saved layout, then run the match cascade: policy number, carrier and period first, then looser comparisons down to the client name. A line it cannot place goes to the exception queue, never to a guess.

Three exceptions a reconciler works

A statement line no policy matches, commission that never arrived and an amount that does not agree with what was expected, each in its own group with the policy, the carrier and the difference.

Expected, received and payable

Every commission figure sits in one of three ledgers: what the carrier should pay, what it actually paid and what you owe your producers. A difference between two of them is a row someone can work.

Commission agreements with volume scales

A rate card per carrier and class of business, where the most specific rule wins. Volume tiers can be marginal or cliff, and life business can follow a policy-year ladder.

Expected against received, carrier by carrier

The commission reconciliation sets the three ledgers side by side for every carrier, so commission a carrier underpaid shows up as a figure against its name.

The book, carrier by carrier

Every policy you have placed, grouped by carrier, with the account, line of business, producer, expiry date, billing method, full-term premium and the gross commission it earns.

Renewals in each producer's hands

Policies falling due, grouped under the producer who owns them, so every renewal is prepared before its expiry date.

X-dates for business you do not have yet

The date a prospect's cover with another broker runs out, with the premium at stake under each producer, so the approach is made in time to quote.

Producer payout runs

A run each month with the statements issued, any held back, the commission total and the net payable, from issued to paid.

Premiums payable to carriers

Client premium held in trust and still to pass on, carrier by carrier, with the amount outstanding on each.

Loss ratio by carrier

Incurred claims against earned premium for each carrier and class of business, from the carriers' own loss runs.

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What's inside

Everything in Insurance Agency Management

42 items in 7 areas, every one shipping with the app today.

Book of business
- AccountsPersonal and commercial lines on one record, with a lookup code, the producer and the account manager.
- ProspectsSuspects and prospects kept apart from clients, grouped by producer.
- PoliciesCarrier, the market it was placed with, line of business, billing method, coverage lines and commission on every policy.
- Books by classMotor, fire and property, liability, engineering, marine and transit, personal accident, medical, life, bonds and guarantees, and agriculture.
- Expirations and renewalsPolicies falling due, with the ones that have no renewal prepared listed.
- X-datesWhen a prospect's cover elsewhere expires, so the quote goes in on time.
- Certificates of insuranceIssued to the holders who ask for evidence of cover, and reissued on renewal only to the holders entitled to it.
- Client requestsDocuments asked of the client and returned through the client portal.
- Broker of record letterSent to the client and signed online.
Commission
- Three ledgersExpected, received and payable on one table, worked out by one calculation engine.
- Commission agreementsBy carrier, class, transaction type and billing method, the most specific rule winning, with volume tiers and policy-year ladders.
- Contingent and profit sharePaid on the whole year's book with a carrier, on a sliding scale by loss ratio, accrued while the year runs and trued up against what the carrier pays.
- Fees chargedAgency fees and policy fees, on the policy and in revenue.
- Short-paid commissionWhere the carrier paid less than the agreement says.
- Commission not receivedEvery day, commission past the carrier's payment window is flagged for chasing.
- Commission ageingEvery day, expected commission is aged from not yet due to over 90 days.
Carrier statements
- Import layoutsA saved layout for each carrier's own file, so a statement is read as the carrier writes it.
- Match cascadeFrom the same contract and the policy number down to the client name, each tier with a confidence; low-confidence matches are suggested, not bound.
- Exception queueUnmatched lines, missing commission and amount variances, each open, in review or resolved.
- Immaterial differencesDifferences within a materiality threshold, as an amount or a percentage, accepted in one step.
- Chase missing commissionCommission the carrier never paid, gathered into an inquiry for that carrier.
- Bank receipt and postingThe carrier's payment matched to the statement and posted to the books.
Producer pay
- Compensation plansPaid when the item is billed, when the money is collected or when the carrier statement clears.
- Production credit and overridesCredit split between producers, with overrides up the line for sub-producers.
- DrawsRecoverable and non-recoverable advances against future commission.
- ChargebacksWhen a carrier takes commission back, within a clawback window per schedule.
- Payout runs and statementsA statement per producer that cannot change once issued, net of withholding tax.
- Commission at riskA forecast of the chargebacks still possible on policies in force.
- Payables released when paidEvery day, producer pay is released once the money behind it has arrived.
Client money
- Trust ratioRead every day as trust assets over trust liabilities.
- Floor and warning bandThe ratio can never be set below 1.00, with a warning band above it.
- Premiums payable to carriersPremium collected and still to pass on, per carrier.
- Sweeps to operatingThe agency's own money moved out of trust, refused if it would take the ratio under the floor.
- Premium financeThe finance company pays the carrier in full, so the commission is earned at once; on cancellation the return premium goes to the finance company first.
Reports
- Book and pipelineBook of business, expiration pipeline, retention, lost business and x-date prospecting.
- ProductionNew business production and production by producer.
- CarriersLoss ratio by carrier and the carriers' loss runs.
- Commission analysisReceived, not received, expected against received, by carrier, class, producer and branch, and the receivable ageing.
- Aged receivablesWhat clients still owe on agency-billed premium.
- Brokerage revenue and positionCommission, fee and contingent income less producer commission, and what is receivable and payable, as accounting reports.
Agency structure
- Branches, departments and profit centresEvery policy and commission entry carries them, for reports by branch.
- Products and wordingProducts, coverages, perils, policy wording and proposal questions shared with the rest of the suite.

Works with

What Insurance Agency Management works with

Insurance Agency Management shares one database with the rest of the Insurance Suites and BridgeERP: these are the apps it already talks to, with nothing to buy in between.