Commission

• Commission can be allocated to individuals, organisations or organisational hierarchies; collectively called commission partners
• Portfolio Management controls the assignment of assets to partners, e.g. policies. As individuals join or leave the company, or move to other departments, reassignment of policies to new partners is important to maintain the customer service
• Assets can be manually assigned to partners or automatically, e.g. at time of policy creation. Many partners can be assigned to the same policy or parts of the policy, enabling the distribution of commission for complex policies
• The system handles ceded commission where there are many partners assigned to a policy, and the commission is ceded from one partner to another. This optional facility allows involved partners to share commission and at the same time enables full control over the maximum commission
• Policy commission can be fixed amounts as well as percentages. It can be calculated with individual rules on premiums and fees
• General rules can be defined for commission partners depending on the type of partner, e.g. individual agents, teams etc.
• Specific conditions may require specific rules, e.g. for certain products, product lines or where a partner has negotiated a better contract. Commission amounts can also be overridden for individual partners on specific assets.
• Sliding scale commissions can be handled in unlimited steps. This is where the commission changes over time, e.g. the initial sale attract a certain commission, the first and second renewal a little less, and forever thereafter a smaller amount again.
• Commission can be automatically clawed back, e.g. in case of policy cancellation. Rules define extent of claw back, e.g. full, proportional or percentage and whether the claw back claim should expire after a given period
• Disbursement can happen via different channels, e.g. the payable/receivable system, the pay role, extracts to other system etc