QCommission Insurance Industry Feature Matrix

pdf Download Insurance Industry Feature Matrix
 

QCommission Insurance Industry Feature Matrix

This document identifies some of the more unique features relevant to Insurance related commissions.

 
To review a more complete list of General Features, visit  QCommission General Feature Matrix

Payees - Payees are entities that receive variable payouts. Payees can be employees, external individuals or external companies.

 


Feature

Description

Payees can be Agents Payment recipients can be Agents of a carrier. AKA Producers.
Payees can be Brokers Payment recipients can be Brokers representing carriers. AKA Producers.
Payees can be Agencies and sub agents Payment recipients can be agencies and agents under the agencies.
Payees can be General Agents and Master General Agents Payees can be agencies higher in the hierarchy.
Payees can be Telemarketers Payees can be telemarketers used to make appointments.
Payees can be Business Development Managers Payees can be Business Development Managers managing the channels.
Payees can be Partners Lead sourcing partners and Alliance partners can be payees.
Payees Certification Payees certification to practice insurance by location can be maintained.

Sales Organization - Sales organization stores the reporting relationship between entities in the organization.

 

Feature

Description

Sales organizations can have a hierarchical structure. Payees can be structured in a hierarchical relationship, made up of Producers, Agencies, General Agents, Master General Agents. etc.

Customer - Customers are the firms and individuals to whom sales is made.

 

Feature

Description

Customers can be Individuals and Businesses. Customers can be Individuals and Businesses since Insurance programs can be targeted to either.

Products - Products and Services are what the company sells.

 


Feature

Description

Individual Insurance Programs Life, Home, Health, Auto, Longterm care and similar programs can be maintained.
Group Insurance Programs Life, Home, Health, Auto, Longterm care and similar programs for businesses can be maintained.
Medicare Insurance/span> Medicare and Supplemental Insurance can be maintained.
Commercial Insurance Property, Casualty, E&O and other commercial insurance programs can be maintained.

Policy - Policies are the contracts between the Insured and the Insurance Carrier.

Functionality Feature Description
  Policy Records Individual policy agreements with the insured can be maintained. They can have relevant information such as type, carrier, premium info, renewal info, status, etc.
  Policy Status Policy application status (Applied, Submitted to Carrier, Approved, etc) can be maintained. Policy status such as In-Force, Cancelled can also be maintained.
  Policy Multiple Agents Up to elevent writing agents can be directly associated with each policy. Not including the higher level sales organization.

Plan - Commission plans are the agreements that the company has with its Payees. The plan specifies the rules for awarding commissions and incentives to the payee. A plan is made up of many incentives.

 

Feature

Description

Role Based Plan Commission plans can be different for Agent, Agency, GA, MGA, Partners, etc.
Carrier Reconciliation Plan Carrier calculated commissions can be recalculated and reconciled.

Commission and Bonus Calculations - Any kind of variable payouts can be calculated by the system. Calculations can include, commissions, bonuses, referrals and royalties.

Functionality Feature Description
Plan Commission plans are the agreements that the company has with its Payees. The plan specifies the rules for awarding commissions and incentives to the payee. A plan is made up of many incentives. Expand / Collapse
  Role based plans Commission plans can be different for Agent, Agency, GA, MGA, Partners, etc.
  Carrier Reconciliation Plan Carrier calculated commissions can be recalculated and reconciled.


Transactions Commissions can be calculated on almost ANY kind of transactions. Transactions can be imported from external sources. Transactions can also be entered/modified in the system. Some examples of other transactions that can be handled are: "Customer Satisfaction" scores, or "Appointments Made". Expand / Collapse
  Premium Commissions are calculated on Premium collections by the carrier. Premiums are reported to the agent for commission calculation.
  Claims Claims against Policies can be maintained in the system. Normally does not affect commissions.
  Adjustments Adjustment transactions from cariers can be processed.
  Deductions Deductions of expenses can be processed.


Transaction Events Transactions can go through various events , such as booking and payments. Expand / Collapse
  Applied, Submitted, Approved Events Policy application status can be maintained.
  In-Force, Cancelled Events Policies are normally In-force. Cancelled policy information can be maintained.
  New, Renewal Events Premiums related New and Renewal can be maintained.


Transaction Amounts Amounts available on transactions can be used in the commission calculations. Expand / Collapse
  Premium Commissions can be calculated based on Premium amounts.
  Commission Commissions can be calculated based on incoming commission amount.
  Profit/Margin Commissions can be calculated based on Profit/Margin. E.g. Income minus certain costs
  Lives Insured Commissions can be calculated based on lives insured.
  Other Amounts Commissions can be calculated based on almost ANY amount that is available on transactions.


Crediting Transactions Crediting is the process of allocating a transaction (sales or other) to the right payee. Mostly a single person gets the credit for a transaction, but sometimes multiple people may get credit for the same transaction. The credit rules are applied against all the transactions entered/imported into the system. Expand / Collapse
  Credit by Branch/Offices Incoming transactions can be credited to Payees, based on branch/sales organization values available on the transactions.
  Credit by Carrier Incoming transactions can be credited to Payees, based on carriers.
  Credit by Insurance Program Incoming transactions can be credited to Payees, based on type of Insurance Program.


Incentives: Commission and Bonuses Incentives are any unique calculation formula used to calculate payouts for a Payee. A monthly commission for sales revenue is an incentive; an annual bonus based on quantity of items sold is also an incentive. A Payee's plan consist of multiple incentives. Expand / Collapse
  Period Based Commission Commissions can be calculated based on the year of the premium compared to the policy start date.
  New/Renewal Based Commission Commissions can be calculated based on whether the policy is New or Renewed.
  Insurance Program based Commission Commissions can be calculated based on the type of Insurance Program.
  Age, Year of Policy, State, Agent Level, etc. Commissions can be calculated based on a large number of other criteria in combination.
  Flat Amount Commission Commissions can be paid as flat amount.
  Tiered Attainment Commission Commissions can be paid based on tiers of attainment of Premium or Incoming Commission. E.g. Every month, accumulate all Incoming Commission for a rep. If sales are less than < ,000 pay 50% commissions, if sales are > ,000 and < 0,000 then pay 60%; if sales are above 0,000 pay 70% commission.
  Override Commissions Override commissions can be paid to all higher level sales organizational entities such as Agency, GA and MGA. Override commissions can be specific percentages/amounts or net of subordinate commissions.
  Partner Commissions Commissions can also be paid out partners providing leads.


Integration - Sophisticated integration facility allows the direct integration of data with other data and application formats.

Functionality Feature Description
  Carrier Files Premium and Incoming Commission info are provided by Carriers as reports. Reports can be hard copy, Excel, CSV, and even PDF files. Most formats can be imported without any programming, just configuration.
  Report Format Even if incoming files have headers, footers and page breaks, they can be imported correctly.
  Excel, CSV, Text These format files can be imported easily.
  PDF Reports that are saved directly as files can be imported. If they are scanned into converted to PDF, it may still be possible to use OCR to get the data in an importable form.

Reporting - Reports are standard reports for the data available. There are a lot of standard reports available in the system.

Functionality Feature Description
  Carrier Reconciliation Report Report provides the reconcilation of calculations with carrier calculation of commissions.
  Book of Business Report Report all the policies associated with a writing agent.
  Production by Producer Report Report production by agent.
  Agency and Agent Report Report of Agency and agents under agency with policies.
  Agency and Structure Report Report of Agency and all subordinate units in the Sales Organization.
  Customer Profitability Report Profitability of a specific Customer
  Policy Profitability Report Profitability of a specific Policy
  Payee Profitability Report Profitability of a specific Agent
  Policy Cancellations Report Cancelled Policies
  Policy Renewals Report Policies to be renewed

 

To review a more complete list of General Features, visit  QCommission General Feature Matrix
 
pdf Download Insurance Industry Feature Matrix