Employee benefits brokers: Simplify commission management

Ryan Plourde
| 4/19/2022
Calculate commissions

Broker-commission calculations need to be done right – yet they can be very confusing. How can insurance agencies simplify the process of accurately calculating brokers’ commissions? The Crowe BenefitsBridge solution helps employee benefits brokers manage clients, insurance carriers, policies, plan rates, renewals, leads, and yes, commissions.

Employee benefits brokers work with numerous insurance companies, and each company pays commissions on the policies sold. Commissions typically are based on the policy’s type, length, tier, and terms. However, each insurance company allocates commissions differently. For example, the agency and broker often receive a certain percentage for the first year and then a lesser percentage in each subsequent year. How does your agency deal with the variables of commission management?

The old approach to commission management

Insurance agencies receive statements from each applicable company. Statements list the policies sold through the agency and the commissions paid. It’s up to the agencies to comb over all those statements and match individual brokers with each sale. And, of course, each insurance company takes a different approach to forms and statements. The whole commission management process truly can be frustrating for the team members responsible for allocating and processing monthly commission payments.

A slightly better approach to commission management

If you work in Microsoft Excel™ or an enterprise resource planning (ERP) system, you can automate some tasks. Unfortunately, you still face the genuine risk of user error from incorrectly entered amounts or corrupted formulas. The commission management process is time-consuming, and some of the resulting data might not be reliable for forecasting and decision-making.

An excellent commission management solution

To solve the problems associated with commission management, Crowe BenefitsBridge builds upon the features, capabilities, improvements, and enhancements of Microsoft Dynamics 365™ software. A commission tracking module is part of the Crowe BenefitsBridge add-on for Dynamics 365.

With Crowe BenefitsBridge, the commission management process is simple: First, enter sales data from each policy, including the broker who sold it, in Crowe BenefitsBridge. When you receive each commission statement, upload content via Excel file and select the appropriate template. Mapping capabilities automatically put the data in the correct fields. The system matches by policy number and, using the specified percentages, automatically calculates the commission amounts due to the agency and the individual brokers.

Have a question or interested in evaluating the CRM functionality in Microsoft software?

Commission calculations? Done.

The complex commission management process that often used to take a week can be reduced to a matter of hours. Brokers get their commissions faster, and the team member who used to do these calculations avoids the headaches.

The future value

Not only does Crowe BenefitsBridge solve an administrative problem, it also provides decision-makers with forward-looking forecasts.

Because each policy has a set term, the commission amount is spread across 12 months. Whenever an agency runs its commission statement, Crowe BenefitsBridge reconciles based on what is expected and what is received. This allows the agency to report and forecast payments due through the end of the year.

Armed with income-related data, agency leaders can make strategic decisions about such things as hiring and other expenditures. Brokers gain visibility into how much bonus they will be taking home, and agency leaders receive a clearer picture of where the agency stands.

CRM for employee benefits brokers

Designed by software and business professionals who understand the insurance industry and the adaptability of the Dynamics 365 platform, Crowe BenefitsBridge addresses the unique requirements of agencies and brokers and helps them increase efficiency, productivity, and customer satisfaction.

Visit CroweCRM.com for more information about Crowe CRM solutions and services for Microsoft software.

Microsoft, Dynamics 365, and Excel are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.

Contact us

Ryan Plourde
Ryan Plourde
Principal, Microsoft CRM Leader