Agency and Commission Accounting
STEP supports the setup of an unlimited hierarchy of Agents. Commission schedules are designed and configured as part of the Product Configuration and are associated to the Carrier Product at the plan code level. This allows flexible configuration of commission schedules where a base plan could have standard commission schedules as “First Year %, 2-5 years %, 6-20 years %, etc.,” whereas the riders could be set up with a one–time or a flat extra commission schedule. The commission schedules can then be independently attached to any level of the Agent hierarchy giving the product designers and marketers infinite compensation flexibility.
In addition, Product Campaigns with incentives can be set up independently and managed for Bonuses to the sales force. Advances and garnishments can be tracked as part of the Agency management functions. Real time accounting of the policies with commission accounts enables the commissions to be reported at any time during the policy processing cycle.
STEP’s comprehensive Compensation Management component provides the following features:
- Flexibility to increase, decrease, split and recalculate commissions on any product or policy
- Manages commissions receivable and payable between the insurance carrier and the Producer
- Generates online commission statements with real-time application of funds
- Processes commission settlement, including loan advances, garnishments, EFT and netting authority
- Agents and Agency records maintain commission structures and hierarchies for all levels of Producers and include monitoring of continuing education requirements, licensing schedules and fees for all lines of business, in all 50 states