Updated · Originally published
Commission tracking designed for health insurance brokers provides insurance agencies with the tools necessary to streamline commission calculations, saving hours spent on processing commission statements and reconciling incoming carrier payments and outgoing producer payments.
, built on and the , includes a powerful and easy-to-use commission tracking module that significantly reduces the administrative time health insurance brokers spend on commission management.
How could the commission tracking capabilities of BenefitsBridge benefit your health insurance agency?
Easily Access Your Commission Schedules
With BenefitsBridge, you can access all commission schedules associated with a policy right at your fingertips. Open a currently active schedule to view the details, including:
- Effective dates
- Total premium
- Payment frequency
- Commission type
Customize Commission Calculation in Dynamics 365
Within a schedule, tailor commission calculation to your preferences. Options include:
- Flat rate amount
- Per employee Per Month
- Graded schedules- allowing users to specify different percentages or a dollar amount based on the premium, covered lives, or how long the policy has been in effect
Distribute Commissions Your Way in Dynamics 365
Choose how you would like to distribute commission payments. In the example below, the house will receive 60% of the commission payment, and the producer, Betty Broker, will receive 40%. You also have an option to apply a split template if you’d like.
Project Payment Schedule
BenefitsBridge is able to automatically create an expected commission payment schedule.
The incoming payments grid shows payments you can expect to receive for the life of this schedule, along with the expected commission amount.
The outgoing payments grid shows how each of those incoming payments will be distributed, which you also have the ability to customize.
Need to update the commission percentage?
BenefitsBridge will inform you that projected incoming payments are not accurate and need to be updated. Simply click “Build Projections” and it will update both the incoming and outgoing payments to reflect any changes made to the commission percentage.
Inputting a New Commissions Payment in BenefitsBridge for Dynamics 365
What can you expect to see when you receive the first commission payment from a carrier? You can easily track the payment in BenefitsBridge and apply it to the correct policies.
First, go to Payments and click New.
Enter the basic payment information:
- Payer
- Amount
BenefitsBridge will show all open incoming payments that match the payer and date information specified. Here you can find the entry that the commission payment was for and apply the amount paid directly into the grid.
Track Expected Payments
BenefitsBridge calculates the difference between the actual commission and what is expected to be received.
You can also track the actual premium the commission was paid against. If you receive a payment that was for multiple policies, you can easily apply the money across different incoming payments.
Add Adjustments as Needed
Receive an unscheduled payment? Such as a bonus? No problem. Simply use the Add Adjustment button to add it to the commission schedule.
Final Outcome
Back on the commission schedule page, you will now see the payments that have been made.
Under Outgoing Payments, you will see the actual payment that will be made. In our example, Betty Broker will get $977.50 and the house will receive $1,466.25.
Applying Multiple Payments
Using the BenefitsBridge commission payment import feature, you can upload a spreadsheet to BenefitsBridge and let it do the work of matching and applying each payment.
It will automatically match the imported statement to the correct policy and billing date and let you know if there are any payments that can't be automatically matched.
Make Your Life Easier
Commissions calculations and tracking is a time-consuming and tedious process. If you are a health insurance broker and need a better way to manage commissions, BenefitsBridge can automate your commission tracking processes, saving you significant time and money.
This easy-to-use agency management system is built on the Microsoft Power Platform and integrated with the familiar productivity tools your insurance agency uses today, including Microsoft 365 (Outlook, Word, Excel, and more).
Health Insurance Brokers are increasingly turning to a customer-centric approach that helps reduce operating costs while better-equipping producers and service representatives to improve the customer experience.
With the Microsoft Power Platform at its center, a well-defined and executed CRM strategy helps health insurance brokers to:
Increase operational efficiencies Elevate the client experience Increase renewal ratesCRM for Health Insurance Brokers (BenefitsBridge)
Built on and the , ForgeXRM’s CRM for Health Insurance Brokers (BenefitsBridge) gives health insurance brokers a powerful, flexible agency management solution to streamline operations, enhance client experiences, and increase retention.
From automated workflows and real-time reporting to deep CRM functionality, , commission tracking, ongoing client service, and more - all within a secure, scalable Microsoft environment, fully integrated with the productivity tools your team already knows.
. We’d love to connect and learn more about your agency’s goals and explore how can support your agency’s needs.
By Ryan Plourde, ForgeXRM,
