Commission and Incentives for Life Insurance Advisors

Insurers pay first-year commission, renewal commission and incentives on their own dates and at their own rates. This module matches each statement line to the policy sold and lists whatever is missing from it.

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What is matched

First-year commission

The commission on a new policy, matched to the policy and the premium that earned it. One policy, one line.

Renewal commission

Commission on later premiums, matched year by year, so that a premium which was paid but never commissioned is flagged for the desk to raise with the insurer.

Incentives and bonus commission

Insurer incentives, contest benefits and similar items are recorded as the insurer states them.

Sub-advisor share

Where an owner shares commission with advisors under the agency, each person’s share is worked out by the rules entered.

Statement lines left over

Lines that match no policy, and policies with no line, are listed separately for the desk to chase.

How a statement is read

The desk records each insurer’s statement as it arrives, and lines are matched by policy number and premium date. What matches is marked, and what does not match becomes a short list to raise with the insurer. Nothing is checked by eye.

Where it leads next

Matched commission feeds the advisor-wise and insurer-wise totals that the owner reads each month, and it shows which plans keep earning renewal commission over the years. Payout to sub-advisors is worked from the same figures.

What the agency sets up

Commission rules for each insurer and plan, as your agency terms state them
How shares between owner and advisors are divided
Statement formats from each insurer, loaded during scoping
Who may approve a payout to an advisor

What this module does not do

It does not set commission rates. It does not pay anyone. Rates come from the insurer’s terms and the agency’s own arrangements, and tax on commission income is a matter for the agency’s accountant.

FAQ

Frequently asked questions

Can it check an insurer’s commission statement?

Yes. Statement lines are matched to policies and premiums, and unmatched lines are listed for follow-up.

Does it know each insurer’s commission rate?

It holds the rates you enter. These come from your agency terms with each insurer, and the desk updates them when they change.

Can we pay advisors from it?

It works out each person’s share. The payment itself is made in your usual way.

How are statements loaded?

By entry or by importing the insurer’s file. Which formats can be imported is confirmed during scoping.

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