SmartCommissions for Advisors - Introduction

SmartCommissions for Advisors generates expected commission records for policies and then reconciles those records when the carrier sends the commission statement.

Watch the Training Class: Commission Tracking for Advisors

Note: This module is for users who want to track advisor commissions only, without using contracts or establishing a commission hierarchy. Using contracts and a hierarchy requires the full SmartCommissions module.

There are three components to this module:

• Calculation engine from SmartPolicies: A commission calculator in each policy is used to enter the percentage to be paid to the advisors on the policy. Projections are then generated.
• Reconciliation function: When the advisor's commission check is received, the user runs an advisor-specific reconciliation process and can identify the actual amount received.
• Reporting: Reporting on expected versus received commissions is available.

Other helpful components include:

• Security: The ability to turn off access to this module for specific users as part of the module setup.
• Commission Rate File: The ability to build in commission rates for specific products or to modify rates that were dynamically built while calculating commissions from within policies.

Click a topic below for more information:

• Setup
• Calculating Commissions within Policies
• Viewing and Editing Commission Rates
• Reconciling Commissions
• Reports
• Error Log