In such a difficult market, it is imperative that your business stays on top of its cashflow accurately and efficiently.
It is equally important that your firm’s business writers are paid in the same manner. Ensuring staff are paid on time, which can result in staff satisfaction and loyalty, is key to a successful business.
The nature of our industry brings complex income sources, initial commission, renewal commission, proc fees and clawbacks.
To handle these manual tasks and chase missing or incorrect commission, firms often employ teams of people. Most systems require manual line matching on a line-by-line basis. But can your business afford to spend time on such an arduous task?
Instead, your business could benefit from an automated commission reconciliation system. Acquiring such a system that can automatically reconcile all your expected commissions, can be a blessing. It ensures staff and introducers are paid quickly and that the commission and payment runs are carried out efficiently.
In cases where commissions don’t match expected levels, some systems can recognise such shortfalls and allocate commission appropriately, highlighting it as an exception in reporting.
Putting in place state-of-the-art technology that shows that you are in control of your business and remuneration, while providing you with comprehensive management information at your fingertips, is a must.