Manually entering commission data is a time-intensive process that can take away from your ultimate goal: growing your client base.
Commission posting is a major time commitment. Insurance agencies must coordinate with carriers, enter commission data manually, and backtrack to find discrepancies. Patra can do this work for you. We receive, enter, and review the data to ensure accuracy. Upon request, our team can even perform an in-depth audit to help your agency resolve unbalanced reports.
With Patra, you don’t need to hire a full-time employee dedicated to commission postings, or have to put the work on the desk of an already busy agent. Patra provides commission posting services that are fast and accurate, so you can focus on working with clients and bringing on new customers.
We align commission splits and help address
Commissions are often split multiple ways. They may be split between the house, sales people, and even a third-party vendor. Correctly balancing these splits requires close attention to detail. One minor accounting error could impact the split and the resulting commission payouts. As part of our commission posting services, we've designed and implemented processes with quality assurance checkpoints intended to ensure splits are aligned correctly.
Unbalanced reports can require you to backtrack, and cause additional delays in receiving your commissions.
An unbalanced report can represent big problems. For example, you may receive less money from a client than expected. If this happens, an audit of the commission posting may be required to determine the source of the problem. An audit can be extremely laborious and time consuming. Reports can be 5,000+ lines long, making errors difficult to find.
Patra has the resources and processes to review commission postings, line-by-line if necessary, in order to determine where any problems exist. Whether a client is simply behind on paying their bill, or the carrier made a mistake, we will perform the audit and report our findings to you.
See how easy it is to manage commission postings with Patra
Here is our process!
- Request Initiated: We accept commission posting requests through your AMS or via email. Patra functions as an extension of your agency, so we handle it according to your preference and workflow.
- Statement Retrieval: We retrieve the statement from the carrier on your behalf or take a copy of the statement from you.
- Process Statement: Patra enters the commission information into your company’s system, whether that be your AMS or internal spreadsheet. We update and add policy numbers, analyze the commission statement and enter the amount, review for discrepancies, and document unfound payments when necessary.
- QA Review: We've built quality assurance into our commission posting process to help ensure accuracy.
- Complete Process: Patra documents all of our work related to the commission posting and reports it back to you, just as an internal employee would.
We can perform commission posting services on a monthly basis or on demand, only when you need us.
Patra is here to provide commission posting service throughout the year. But some agencies only require additional help processing statements during the busy season. Our team is prepared to do the work for you whenever you need us.
Patra can process commissions for you, allowing you to dedicate that time to growing your business instead.
Let us do the work for you. Patra can save you time, allowing you to focus on growing your client base and providing a superior experience for all customers. Get in touch today to learn more about how we can help your agency process commission postings.