General Compensation (Commission)
Notice: As of November 2018, changing commission structure before closing business for the month will affect all payout for that month. It is advised that you make compensation changes after the month has closed, or at the start of new business periods (Q1, Q2, Annual, etc.).
In order to assign a compensation package to an agent, you must create the compensation plan itself and then define details for the commission structure while logged in as an administrator:
Creating the Plan
- Under Configuration, click 'Manage Compensation'
- Click 'Create Compensation Plan'
- Under Plan Details, enter the name of the compensation plan. This same name will appear in later steps.
- The window will disappear.
Adding Plan Details
- Once the plan has been created, click 'Build Commission Details'
- Select your plan name in the dropdown and enter details such as Productivity Category, Start Amount, End Amount and other rules.
- Start Amount and End Amount refers to the amounts in which the payout percentage will take effect and end, respectively. For example, if I wanted to pay 5% commission on Premium between $0.00 - $10,000 I would set the Start Amount to 0.00 and the End Amount to 10,000 and set the Commission Payout Percentage to 5.0.
- As of November 2018, there is only one contingency type: ALR (Kept). If you set this contingency, the agent will have to sell at least one life appointment and keep this appointment in order for the commission rate to take effect.
- Once you add at least one level of plan details to your plan, the plan and details will appear in the grid.
- Repeat this process until you've defined all of the plan details.
Editing Plan Details
- Click 'Edit' or double click the detail row in which you'd like to modify.
- Once you've made your changes, click 'Save Plan Detail'.
- Edits to commission structure will <not> affect historical commission rates, so long as you've closed business each month under 'Month-End Close'.
Assigning the Plan
- Under Manage Agents (Configuration > Manage Agents), select the agent in which you'd like to assign the plan.
- Under 'Compensation Plan', select the new or existing plan.
- You will notice a change in commission rate on the dashboard, however, commission rates will not change for business that has been closed under 'Month-End Close'.
Incentives allow you to create special payout bonuses for certain activities for ALL agents, regardless of their compensation plan or level. For instance, you might want to pay a $10.00 up-sell bonus for increasing liability limits or upgrading to gold or platinum plans. Incentives apply to Production (Policy Types), Endorsements (Change Types) and ALR/AB (Statuses)
Creating an Incentive
- Click 'Display Incentives' on the Compensation screen.
- Click 'Create Incentive'
- Choose your incentive type and target category in which to apply the incentive bonus.
- Enter the incentive amount.
- Save the incentive detail.
- Upon saving this detail, incentives will be automatically applied across your agency for current business (incentives will not affect historical business under Month-End Close).
Editing an Incentive
- In the 'Display Incentives' view, double click on a row you'd like to edit or click 'edit'.
- Modify the details of the incentive.
- Save the incentive detail.