Outsource Commission Management Services
Our commission management services help you streamline the process of managing agent commissions and make it error-free and time-bound
Insurance Back Office Pro has over 8 years of experience in assisting insurance companies handle agent compensation and commission. We combine our expertise with state-of-the-art technology to provide you with the required level of engagement to manage your payout volumes and schedule. The commission amount that is payable to agents is variable and differs for every individual agent/agency. This makes commission management a resource-intensive task. As a global commission management services company, we provide you with the robust service structure needed to handle this vital component of your insurance process efficiently.
We calculate and maintain a comprehensive record of the amount payable to agents as commission. Leading players in the industry outsource commission management services to us as we have the integrity of following industry best practices and work procedures, to deliver quality services, much of which has come out through our diverse exposure to insurance portfolios. Our customized approach to commission management has helped our clients improve the quality of the tasks at reduced operational costs.
Our All-Inclusive Commission Management Services
Commission Accounting
As an expert commission management services company, we take charge of all your accounting functions. Our accounting services are designed to help you get control over the error rate of calculations and documentation of commission amounts. We manage an audit-ready ledger of all your finances and generate periodic reports to forecast future financial trends. We are experts in adapting to the changes brought about in a commission structure time and again.
Producer Commission Payable
We use CRM systems that are customized for the calculation of agent commission amounts to determine the amount payable for every individual agent. We create accompanying paperwork containing supporting information like the total number of sales made, service charge rates and performance metrics. Our service brings accountability and transparency to commission calculation and payment initiation procedures.
Maintenance and Management of Commission Management Systems
We transform hard copy documents containing large data sets into digital formats to facilitate the efficient recording of commission information. We customize CRM and ERP systems according to your needs and make changes to the layouts of applications to match internal business processes. This gives your in-house team the efficiency needed to perform well at all times.
Commission Reporting and Document Management
We maintain a consolidated database of payment transactions, agent details, sales records and calculation slabs. We generate periodic reports that help you with internal and external financial audits. Our commission reporting services help you examine insights from the sum total of the data accrued by your operations and make changes to your business for optimization. We also enable you to compute agent commission by calculating the appropriate rate based on the performance metrics of the agent.
Our Commission Management Process
- Commission Allocation:We update the CRM system with the commission rates that are to be paid to agents by referring the allocation matrix provided by the client.
- Calculation Based on Agent Performance: We consolidate the total number of sales made by the agent in a month based on which we calculate the payable commission.
- Commission Payment and Reconciliations: We clear the documents to dispatch it to your accounts department for processing.
- Query Resolution: We assist you in dealing with any disputes or queries originating from the agents end. We provide resolutions to the queries within the stipulated SLA.
Outsource Commission Management Services to give your Business a Competitive Edge
We have grown organically over the years to become the trusted service partner of insurance agents and carriers across the globe. As a premium commission management services company our services bring a wide array of benefits to your insurance process including an improvement in accuracy of commission information and a reduction in the complexity of the entire process. We use highly advanced and sophisticated software suites to process data and to calculate the commission amounts so that delegated tasks can be turned around on time.
We provide timely reporting services to enable you to monitor the commission rates of your agents. At the same time, we evaluate the sales channel performance and the operational costs incurred by your business. Together, it helps to improve the efficiency of your entire commission management process by leaps and bounds. Outsource commission management services to us for the best possible commission solution.