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Life Policies, Posting Renewal Commission

In order to post renewal commission you must first have entered policy records with renewal commission details, as per the example record illustrated below (see Life Policies, Commission).

In the above example there is £1,230.53 of indemnified initial commission that will typically be posted manually, immediately after completing all of the policy details (see Policies, Posting to Accounts). The renewal commission, at 2.5% of the premium, is for a much smaller sum, the first of which is not due until three years later. This small sum, along with all other renewals, can be posted via an automated routine, described below, that checks all policy records to see what commission might be outstanding, and then posts it all for you. This automated routine will…

  • Pick-up any indemnified (or up-front, lump-sum) initial commission that you may have forgotten to post
  • Pick-up any periodic (e.g. monthly or “drip”) initial commission that you haven’t yet posted
  • Pick-up any periodic renewal commission that’s due
  • Pick-up all old items of initial or renewal commission that have been overlooked
  • Allow you to check, edit and confirm this list
  • Post all of the above types of commission either individually (e.g. for initial “drip”) or in grouped invoices (e.g. for monthly renewals)
  • The “Post Monthly Commission” Routine

    Starting from the Main Menu…

  • Click the “Policies” button
  • Click the “Signpost” button
  • Click “Life”
  • Click “Post monthly commission…”
  • You may be presented with the following dialogue, in which case you should click the “No” button and proceed to the “Post Life Commissions” dialogue, described below. However note that you could be returning to a previous unfinished session, which you might have had to interrupt while you took your lunch or searched for some documents. In that case you would click the “Yes” button and thereby skip the ensuing “Post Life Commissions” dialogue (returning immediately to where you left off on the “Life Commissions by Date” screen, illustrated below).
  • On the “Post Life Commissions” dialogue…
  • o Select the date up to which to search for commission (or click the “=” button for today’s date)

    o Use the “policies at stage” drop-down to select what stage policies to include (e.g. stage “Active” only). Only use the option “All active stages” if you have set-up your stages properly (see Set-up, Policy Stages).

    o Use the “insurance company” drop-down to select which company’s commission to include

    …OR…

    o Use the “advisers & leads” drop-downs to post renewal pay-away commission instead

    o Click “OK”

    Selecting Items of Commissions & Posting

    You’ll then move to the “Life Commissions by Date” screen where you may…

  • Click the green “Binoculars” button to sort the commission items by Name (e.g. by insurance company) or Policyholder, etc.
  • Click the left-most column of each commission line to accept it (or clear a previous tick mark)
  • …OR…

  • Click the “Signpost” button and then select “Tick all entries” to accept all of the displayed lines
  • Click the “Exit” button when the selected commission matches your insurer’s statement
  • Accept the prompt to “Post ticked items, clear list & exit”
  • You are recommended to process one company’s renewals at a time, matching their renewal statement with your own records and not posting anything to the accounts until they do match. If discrepancies are found you may fix them in either of two ways…

    1. Use the “Exit” button to leave the routine, accepting the prompt to “Exit, leaving list for subsequent session” (illustrated below), then edit your policy records as required before re-starting the routine where you left off.

    1. Double-click the incorrect commission line, edit it in the following “flat” view (illustrated below) then accept the prompt to permanently change that policy’s commission details.

    Advisers & Introducers’ Renewal Commission

    After checking and posting the renewal commission for all of your insurers, one at a time, you can then post the renewal commission pay-aways to your advisers and introducers, which you can do all in one go by selecting the option “All advisers & leads”.

    WARNING!

    For each policy the system keeps a marker so it knows the date up to which its commissions have been posted. For example, after ignoring all of a policy’s renewal commissions before 01/01/2002 but accepting the renewal due on that date, then the next time the routine is run only renewal commission after that date will be included.

    However if you edit any of the commission details of a policy that has already had some commission posted then this date marker will be reset back to the start date in order to allow the corrections to be processed. Of course you can still choose to ignore items in the “Post Monthly Commission” routine, and once you’ve re-posted even one renewal correctly, thereafter the earlier ones will be excluded.