Commission Process Update

Iroquois IronPeak 

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Iroquois- Microsoft authenticator app

https://portal.imember.org

companies@streetsmart.insurance

Jimmy141010

NJCRIB

NJCRIB Statements

Broker of Record Scenarios

1. Scenario 1: Manual Source

   • Policy is manual, premium should be $1

   • Transaction type is technically a renewal, but keyed in as new business

   • Since no payment was received, it won't be added to the commission statement

2. Scenario 2: Broker Record Policy

   • Broker record taken, transaction type shows renewal

   • Need to change transaction type to new business for correct commission

   • Producers should keep track of these changes for accurate commission calculation

3. Handling Renewals

   • For policies marked as renewals, ensure they are changed to new business for correct commission rates

   • Producers should be proactive in making these adjustments to avoid manual calculations or missed commissions

In this process we are looking to get the commission statements for every single carrier for the month of January and now February and then upload to PYQ if necessary and then upload to Ezlynx to reconcile the commission statements.

IMPORTANT!

We get paid usually 1 month after the month closes. For example, we get paid in February for January (transactions) commissions. 

We need to confirm on the statement that the transactions line up with the month we are looking for. So if we are looking for the January statement (which we typically get paid in February) we need to confirm the policy transactions are in January and not December.  Sometimes carriers do not include transaction dates in the statement we may need to conifrm in the system 

Link for Commissions

Video on Process  

Video on How to Check Commission Statement date and Uploading and viewing statements in PYQ

Video on How to setup service team rules

Video on Creating Service Team Roles

Direct Bill

1. In the income line item in Quickbooks we need to create a chart of carriers who paid us and when and that is the carriers we are going to get statements from.  

   1. Verify how we got paid (ACH or EFT)

   2. Save this data to compare to next step. 

2. We need to find out: Commission Statement Tracker 

   1. How to get the commission statements from the carrier, Update the excel sheet on how we get it.  

   2. How do the pay us (can we change to EFT)?

   3. What format they send the statement in?

   4. Does it download to Ezlynx?

   5. Did we get last month statement AND payment?

   6. Is it reconciled in Ezlynx?

   7. Any Issues?

   8. Save the Statements here Commission Statements 

3. Upload the commission statement to PYQ. Make sure it's formatted properly (if it is not then alert PYQ/Aman. 

   1. Confirm the specific accounting period for which payments are being tracked (e.g., January 2025).

   2. Ensure that records reflect payments for the correct month and that December accounts are not mistakenly included in January's records. 

4. Upload the commission statement from PYQ into Ezlynx then apply rules to finalize the statement. 

   1. If it is with Ironpeak make sure to account for Aggregator/MVR Fee (these are usually ones that download into Ezlynx if not then upload to PYQ First).  You will need to manually edit the statement to reflect the correct commission statement. For example the carrier may put a higher amount in Ezlynx on the statement but the amount is lower in QBO or mail ACH. We need to verify the difference if any and account for it. 

   2. Do the commission percentages match up with what we are supposed to get? 

   3. Auto Carriers charge us MVR Chargeback fees. You need to verify this as well on the statement. 

5. Tell us which carriers did not pay us.  Ensure that records reflect payments for the correct month and that December accounts are not mistakenly included in January's records. 

Agency Bill

1. This will be a static list of all agency bill carriers. Regardless if there is any income generated we need to request the statements from the carriers.  Commission Statement Tracker 

2. Review Each Statement and verify if we need to pay or adjust anything.  Save the Statements here Commission Statements 

3. Give your write up on Issues tab and alert Carlo of what you find and what you tried to do to figure this out. Tell us which carriers did not give us statement and why. 

Commission Statement Request Email

Subject: StreetSmart Risk Managers - Commission Statement Access (Agency Code: [Your Agency Code])

Dear Commission Department,

We are writing to request information on how to access our monthly commission statements.

We are implementing a new reconciliation process and require regular access to our commission statements to ensure accuracy.

Could you please provide us with the following information:

How are commission statements delivered (e.g., online portal, email, mail)?

If online, please provide the website address and login instructions.

If via email, please confirm the email address from which they are sent.

- May we also request the Commission Statement copies for January, February, March, April, May, June?

- Can you please confirm if there was any commission due to our agency last month?

If by mail, please confirm the address on file and;

-  Is there a way to possibly have the Commission Statements transitioned to online access? (via carrier portal download/via email)

- Can we also have the payments updated to direct deposit?

Is there a specific contact person or department we should reach out to with questions regarding our commission statements?

What is the typical timeframe for commission statements to be issued each month?

We appreciate your prompt attention to this matter and look forward to your response.

Thank you for your time and assistance.

Sincerely,

StreetSmart Insurance 

Video Explainer

Login

commissions@streetsmart.insurance

PW: jmp!mbt7XRA3htf_wpd

PYQ issues 

1.  Uploaded a commission statement but some details do not make sense.

2. Uploaded a commission statement but the negative amounts on the said commission statement were not captured.

3. Uploaded a commission statement but it does not appear on the “Review Upload” page immediately. I have to click some buttons back and forth for the statement to appear.

4.  Some information was captured like the producer’s name and was under the insured’s name.

https://billing-processing.pyqai.com/

Can it also extract docs from carrier websites?

Carrier chargeback fee  

Looking to what we want to accomplish in 2025. Here is something for Audrey to take on. Our books are looking really good and the checklist and Ascend are paying off big time.  

Here is an example of the work we need to do to generate 1 producer statement Commission Statements Process Optimization

This requires a lot of manual work whereas if we just got the statements reconciled from the carrier every month (like bank statements) the commission statement would auto generate the number for the producer.

This is an overview of the project

Notes - 24 November 2024

Get statements every month and verify we got paid in Quickbooks

Track how we are paid (mail/EFT)

Understand our commission rate 

Reconcile every month

Also, see if we are missing or entering transactions

There is an Ezlynx CSV template that we can use to upload and we are working on ways to automate this. 

Let me know what you think, I also want to give Audrey a bonus for doing this. What do you think would be good?

FINALIZE STATEMENTS

Fields

We want to get paid. Verify (ACH or EFT) and we need to get the money in QBO

We need to get the statement and reconcile (Ezlynx download or use PYQ or use Ezlynx approved template)

We need to pay producer

we want to know when carriers are not paying us and then we need to reconcile the statments

Commission Statement Process

Agency Bill 

01/16/2025 meeting with Audrey Ariola  uzi-usvi-rrj (2025-01-17 10:47 GMT-5)

Clarification on Statement dates 

• Confirm the specific accounting period for which payments are being tracked (e.g., January 2025).

• Ensure that records reflect payments for the correct month and that December accounts are not mistakenly included in January's records.

Added a Payment Status Column

• Populate this column with drop-down options: "Yes" or "No."

Our commission reports are based on commission statements we received in Ezlynx. If they are not in Ezlynx then they will not get paid (This is for direct bill and not agency bill).

The issue is the commission statement for the individual producer only generates the commission for the producer based on the commission statements in file. So for example. it will show Progressive since it downloads but it won't show Farmers of Salem or Great Bay since they do not download in the system. The challenge is we have to get the statement from the carrier (which has multiple formats) and enter it into the system. Use this tool to convert the different statements into an approved Ezlynx commission statement to download and upload to Ezlynx.

The other challenge is to locate the carriers that are not on the commission statement for the individual producers. Use the report I gave you to identify the carriers and make a list of the carriers that do not download so we know what to get. 

Keep this list handy and we will update AppSheet

Step 1

Commission Statements Process Optimization Get the statement and get a list of carriers for who and who do not download into Ezlynx. Commission Statements Processing 📁 

We need to identify carriers present in our business transactions but missing from our commission statements. This discrepancy arises because we lack their commission statements, preventing reconciliation and accurate commission payments.

For instance, if Maria sells a Farmers of Salem policy, and we don't receive and upload their commission statement to Easy Links, she won't receive her due commission.

Step 2 

Upload the statements for carriers who do not download here: https://streetsmart-commissions.pyqai.com/  Any issues add here and message in PYQ chat

Step 3 

We need to reconcile every commission statement that we get paid on

Step 4 

We need to have a schedule of carriers that we check off every month for what we get paid on to verify we are getting paid.

Step 5 

Build a schedule of LOBs and commission amounts 

01/16/2025 meeting with Audrey Ariola  uzi-usvi-rrj (2025-01-17 10:47 GMT-5)