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General Tips

  • Read the commission agreements carefully to determine which is the best one to choose.
  • You will almost always need to re-choose the correct plan at renewal.
  • If you are unsure of which plan to choose, look under the Categories/History tab of the account to determine if it is a “rollover account” or if there is a special producer commission plan.
  • Many producers have a special rate for One-Time Only policies.  These plans will only appear if the policy status is “OTA”.

 

Multiple Producers or Brokers

  • When there are 2 producers on a policy, set each of their commission defaults as normal but set the production credit to 50% for each of them.  The system will automatically split their commissions based on this setup.
  • When there are 3 producers on a policy, set each of their commission defaults as normal but set the production credit to 33% for each of them.
  • If there is a broker and a producer involved, give the producer 100% of the production credit.

 

Cross Sell by Account Executive

In an effort to ensure SterlingRisk is acting on all opportunities to drive new business, Cross-Sell incentive program for our Account Executives has been instituted.  This program will reward AE’s who Cross-Sell coverages to existing clients by providing them with a one-time 5% commission credit for selling a new coverage to an existing client. This credit will be deducted from the Producer’s new business credit for that sale. This incentive only applies to situations where the AE actually recommends and sells the new policy. For example, if a client calls to add coverage required by a customer or lender the incentive does not apply.

  • Enter the AE on the Pr/Br tab of the policy receiving 5% (@ 5.000%)  commission and 0% Production Credit
  • Choose the typical commission agreement for the producer then decrease the percent by 5%.  For instance, if the producer’s typical new business deal is 40%, you will change it to 35%.
  • At renewal, the AE should be removed and the producer will receive their typical renewal commission.
  • If you need help entering this in Epic or need a commission agreement added, contact Carlo Caringal.

Environmental

When the environmental team assists with the placement of a policy, Howard must be added as a second producer as follows:

  • Enter Howard and the existing producer on the Pr/Br Commissions tab.
  • Howard will get 0% using the “Environmental – New/Renewal” default but will get production credit of 17%.
  • Choose the other producer’s correct default which should include a ‘#’ for commission type.
  • If not, override their type to “#” then re-enter the commission %.
  • Change their production credit to 83%.

Architects & Engineers

When PDI (Indiana) assists with the placement of a policy for a client generated by Sterling:

  • Use structure 101 – B&C – ENV – IND
  • Producer commission is billed the same way as Environmental where Howard gets 17% production credit

Gramercy Brokerage

Business purchased from the Gramercy Brokerage in early 2015 most be coded in a specific way so we can track these particular policies.

  • Enter “Gramercy Brokerage” as premium payable producer on the Pr/Br Commissions tab.
  • The default of “All Rounding & Renewals” with 0% commission should be used.
  • This includes when new policies are written on accounts that were part of the original acquisition
  • Richard and Herb Lippin will get commission on new accounts that they bring in.

 

Digital Insurance

Use the following coding for benefits accounts being handled by digital insurance where they are receiving commissions from the carrier:

  • Set the Benefits AE as Digital Insurance.
  • Set the PPE (Premium Payable Broker) as Digital Insurance.
  • Set the bill mode as Direct.
  • Set the Line Commission % to be the % of premium that makes up our commission.  So if the carrier pays 10% commission and Digital takes 40% of that, the line commission should be 10% x 60% = 6%.
  • Do not include Digital Insurance as a BPAY.  Instead, include the producer—or SterlingRisk if there is no producer.