Most well-run independent insurance agencies eventually fall into the “routine trap.” This is the phenomenon of sticking to established systems and processes, experiencing some success – but missing out on growth. Other names for this condition are the “that’s the way we’ve always done it” syndrome or the “if it’s not broken, don’t fix it” disorder.
A Routine Trap Scenario: Agency Accounting and Direct Bill Commission Download
Take for example your agency accounting and commission downloads. Are you downloading commissions in your agency management system? Great! But, how are you tracking commissions in your accounting system? If you’re like many agencies, you’re downloading to your management system and transferring the information to agency accounting. This double entry routine is slowly sucking agency productivity.
Find out more on direct bill commission download and other data synchronization on our blog
If the above scenario sounds familiar, your commission entry routine could benefit from an integrated agency accounting system. Integrated accounting links your accounting and agency management system, making inputting, tracking, and reporting on your commissions easier and more effective. Such a small change in your routine can bring a surge in productivity.
Effects of Agency Accounting and Commissions Download Integration
With the time saved, increased accounting accuracy, and better customer service, connecting direct bill commission download and agency accounting opens doors for your employees to improve operations.
You Save Time
Commission downloads eliminate the need to look up carrier rates. Integrated accounting takes it a step further, breaking down commission splits based on rates and recording them in your financial records. This ensures up to date agency financial records available to you 24/7.
You Improve Accounting Accuracy
Automatic updates through commission downloads guarantee your breakdowns are accurate, improving your accounting precision. This gives you solid checks and balances to reconcile with carriers if needed.
Learn more about insurance agency accounting best practices in our Insurance Accounting eGuide
You Improve Customer Service
In this era of auto-pay, your customers want efficient, accurate service. If your records are off, processes slow, and your customers suffer. Speeding up processes with direct bill commission download and accounting working together means customers can get what they need faster.
[bctt tweet=”In this era of auto-pay, your customers want efficient, accurate service. If your records are off, processes slow, and your customers suffer.”]
Integrated Accounting Elements for Effective Commission Tracking
There are a few essential elements needed for maximum commission downloads and accounting synchronization benefits. Look for an integrated accounting system that enables breakdown by:
- Line of business
- Producer commissions
- Carrier
- Policy transaction type
Besides these capabilities, you also want a provider with customized insurance accounting training. Each commission download and accounting system will have its own hiccups, and you need a provider that knows both.
At SIS, we know the need for collaboration and individualized service, which is why we work as a team to get individualized support to our clients.
Find out more by contacting us at 800.747.7005 or [email protected].
Headquartered in Columbus, Ohio, Strategic Insurance Software (SIS) is the team behind Partner Platform — the agency management system that sets independent agents free from the status quo of over-paying and under-utilizing their agency software. “Partner” is more than a name – it’s who we are. For more information, please visit https://sispartnerplatform.com.