Skip to content
You are using an unsupported browser. Please update your browser to the latest version on or before July 31, 2020.
You are viewing the article in preview mode. It is not live at the moment.

The Importance of Reconciling Commissions

In order to be able to upload your Agency Production into ProfitLens, agencies must first reconcile commissions within their Agency Management System (AMS), regardless of which management system used. If commissions are not reconciled, the production reports generated by the AMS will be blank or incomplete, resulting in little to no Agency Production data being available in ProfitLens.


What Is Commission Reconciliation?

Commission reconciliation is the process of recording commission statements received from carriers and matching, or reconciling, those commissions against the corresponding policies in the agency management system.

By reconciling commissions, agencies can accurately track:

  • Revenue by policy
  • Revenue by carrier
  • Revenue by line of business
  • Overall agency performance
  • Producer commission earnings

Why Is Reconciliation Important?

Agency Production data in ProfitLens is sourced from production reports generated by the agency's management system. Those reports rely on commission data being properly reconciled.

Without regular reconciliation, agencies may experience:

  • Missing or incomplete production data
  • Blank Agency Production reports in ProfitLens
  • Inaccurate revenue reporting
  • Challenges tracking producer commissions and agency performance

 

Key Takeaway: Reconciling commissions is a critical step in maintaining accurate production data. Without reconciliation, the agency management system cannot generate meaningful production reports, and Agency Production data will not be available for reporting in ProfitLens.

Was this article helpful?

0 out of 0 found this helpful