What Commission Tracking Software Are You Guys Using?

[foxmarble]

Hi Guys, Im wondering what you guys have been using to track your commissions? With our business we have as earned, advances, goofy formulas to figure health, life, dental, and annuity business. I also need to be able to track overrides as well. I had been using excel sheet that someone had programmed for me but it was full of holes. I have hired someone to create a custom one for me and he has been working on it for a few months. What are you guys using?

Thanks

 

[Norwayguy]

Hi Guys, Im wondering what you guys have been using to track your commissions? With our business we have as earned, advances, goofy formulas to figure health, life, dental, and annuity business. I also need to be able to track overrides as well. I had been using excel sheet that someone had programmed for me but it was full of holes. I have hired someone to create a custom one for me and he has been working on it for a few months. What are you guys using?

Thanks

I know this is sad, but I don't have enough time to go through every commission statement, I've got a lot of payroll deducted business and with so many clients on renewals just looking through a bunch of .01 -.25 cent commissions isn't worth my time...I do track my larger business in my head until I'm paid on it....I just don't know if it is feasible to track commissions in more depth, as soon as you think you've got something working you will recieve a change to your commission schedule which will necessitate a change in your program again....The only time I have ever really spent time was when a carrier of mine allowed me to set start dates 90 days in the future but started charging back commissions after only 30 days for lack of premium...I spent about 3 weeks off and on on that process...but that was back when I was taking advances.

I normally do annual reviews with clients and will take a second to make sure everything is flowing correctly before those meetings...I found out the hard way because of this process that Lafayette Life annuities could not handle an automatic drafting for premium while also having another annuity annuitized into the product....I saw the product get setup up delivered the policy and saw the annuitization start flowiing into the policy plus the first bank draft...What I found out though a year later was everytime money came into the annuity they bumped the draft date back another month by which time money had come in again so they bumped the draft back again....I can't believe the client didn't notice this but we had setup a special account just for this annuity. I quess the question is should I have caught this before and t would be great to say yes but I can't check every friggin policy to make sure things flow right and clients need to pull some of their own wait....When it comes to am I paid correctly its the same issue I can't check every commission statement from multiple companies...I get a weekly statement from just one company that exceeds 15-20 pages routinely.

 

[ksigmtsu]

There is a simple tracking software built into radiuscrm, however I don't think it has capability to track overrides.

 

[foxmarble]

There is a simple tracking software built into radiuscrm, however I don't think it has capability to track overrides.

Do use that as an agent or are you using something else?

 

[Mark]

I didnt know they made software to do this or how it would work.

I just go look at my statements or online.

 

[ksigmtsu]

I've played with it some and it looks nice. I track mine on paper.

 

[COInsguy]

Commission Tracker Software something you may want to look into. I don't use it but I know a MGA friend that uses for paying his agents.

 

[LJohnson89]

I'm actually working on a website that does this exact thing, that is currently in testing.

Did you ever find a commission tracker? I'm trying to see what other software programs are offering to make sure I include the features on my site.

 

[foxmarble]

I'm also having a custom program built specifically to track comissions, overides, advances, and whole bunch more. I started this thread because I wanted to make sure I was not missing some obvious program that everyone and there mother was using. It turns out everyone seems to do it differently. When mine is all done maybe we can compare notes?

 

[LJohnson89]

We can definitely do that.

I'm also having a custom program built specifically to track comissions, overides, advances, and whole bunch more. I started this thread because I wanted to make sure I was not missing some obvious program that everyone and there mother was using. It turns out everyone seems to do it differently. When mine is all done maybe we can compare notes?