Commission Management Services

Insurance Commission Management Services

Our experts work closely with you to develop streamlined, effective processes that meet your unique needs. Our goal is to help you unlock value through the adoption of industry best practices without disrupting your corporate culture.

Beidgewater offers a full suite of Insurance Commission Management Services, including:

  • Commission Build-Out & Reconciliation: Our experts set up configurations that ensure accurate reporting through Agency Integrator, Smart Office, or One HQ.
  • Commission Support Services
  • Commission Reporting

Commission Build-Out & Reconciliation

Our experts set up agency hierarchies, schedules, carrier and product information, and other configurations to ensure that we generate accurate reporting through Agency Integrator, Smart Office, or One HQ. We also help maintain the module with updates and troubleshooting.

Whenever there are new products, we can configure and maintain them to keep your operations running smoothly. We provide reconciliation reporting weekly, monthly, and ad-hoc according to your needs.

Commission Support Services

We deliver:

  • Accurate payments and statements to your agents, sales VPs, and sub-BGAs
  • Accurate accounting of commissions due to your BGA
  • Building and maintenance of AI, SO, HQ, and other commission modules
  • Concise commission statements

Beidgewater addresses industry challenges

  • Statement Archiving
  • Scrubbing/Data Cleansing
  • Process Automation
  • CRM Management
  • Dashboard/Reporting

Data Gathering

  • List of carriers from which the statements need to be downloaded & their login credentials
  • List of all the agency codes required to download the statements from the carrier website
  • Mail IDs of all points of contact on the carrier side, from whom the statements will be received
  • Grids like Carrier Master, IMO Master, and Agent Level grid should be in place to calculate the exact compensation
  • Mode in which the statements will be received (Carrier website, Office 365, FTP, ShareFile/Dropbox)

Statement Management & Compiling

  • Beidgewater extracts the statements through required channels, including all agent/agency codes provided
  • Statements are converted into client's preferred format
  • Policy details from all carriers can be consolidated into a single sheet to create the commissions summary (as per client need)
  • Based on the Master Grid (Carrier/IMO) received, the compensation is calculated based on the carrier, product, type, and the commission level for each agent/agency
  • First year compensation, renewals, and overrides are determined and labeled as such

CRM/Template Handling

  • We can mirror your existing accounting functions and assist with finding identifying the existing system/template's inefficiencies
  • Build a consolidated database consisting of the latest agent details, payment transactions, calculation slabs, sales records, etc. and generate periodic reports
  • Help you maintain your commission's management system by transforming hard copy documents with large data sets into proper digital format

Commission Reporting & Status Update

  • Daily status update reports can be provided
  • Process steps will be added or modified as per client need
  • Full process workflow documentation is provided once process implementation and piloting is complete
  • Exception report

Why Outsource Commission Management to Beidgewater?

Beidgewater's commission management services leverage eDS Automation tool and EETL Methodology.

Industry Pain Points/Concerns:

  • Carrier doesn't provide access to integrate their website with other third-party applications
  • Data extracted from carrier website needs to be cleansed/scrubbed before it can be updated into the CRM/SO/AI/Excel Dashboard
  • Data format differs from carrier to carrier (PDF, .Xls, CSV, .TXT)
  • Time-consuming for users to do the math and conditional formatting for manual Excel scrubbing
  • Agents have their own sets of instructions that need to be followed before payouts are approved

EETL Methodology:

We follow the Explore-Extraction-Transformation-Loading (EETL) methodology to manually process data. EETL is done by specialized tools that extract data from various database sources before cleaning it and transforming it to be stored in the client's database.

EDS Data Scrubbing Tool:

The commissions team uploads statements that need to be scrubbed to this app. The output extracted from the tool is uploaded into the in-house or external CRM.

Advantages of using an eDS Tool Advantages
  • Quick Turnaround Time
  • Cost Reduction
  • Quality Assurance
  • Timely Compensation Payouts
  • Improved Process Efficiency
EDS Tool Process Flow
  • Statements downloaded from Carrier Website (Raw Dump)
  • EDS Processing
  • Cleansed data that best suits client needs

Commission Accounting & Reporting

Beidgewater has specifically developed a commission accounting system to support the hierarchies and workflow of an IMO, coupled with resources to set up commission schedules and hierarchies.

Insurance Commission Management Customer Success Stories

  • Commission Payouts & Reporting for US Based BGA
  • Commissions Support Services for FMO/IMO
  • Commission Payouts, CRM Clean-Up & Reporting for US Based BGA

Other Key Services

  • Case Management Services

  • Medical Records Summarization

  • Medical Records Retrieval

  • Licensing and Contracting

  • Insurance Illustration Support

  • Policy Owner Services

  • Inforce Policy Services