Policies are a record of a sale of a Commissionable Product with individual payment months or periods recorded as Transactions. It will have a field populated for the Writing Agent, who will be tied to a hierarchy of Agents based on Upline values. That hierarchy of Agents and the rates associated for them will be contained in a Commission Distribution for the Policy.
Policies can be imported using the Policy & Transaction import or added/updated using the Policy (only) Import.
Policy List Page
Details for a Policy can be accessed by expanding the chevron for a Policy. The options are View Commission Details (view the Commission Distribution), Edit/View Policy Details, and View Transaction Details.
The Policy List page can be exported to excel or csv.
Policy List page section with line options
Policy Detail Page
Additional Details on Policies
For ‘Book of Business’ Policies that have been added to Comissio and will be processed starting on something other than the first Transaction, the Pay Code for ‘Converted’ should be used. That Pay Code acts the same as ‘As Earned’ and prevents Advances from being generated to any of the Agents.
Group Policies
The Policy record in Comissio can also be used for Group Commissions. There is an option at the top of the Policy detail page for individual or Group. When a Product Type for Group is used in a Policy import the radial for ‘Group’ will automatically be checked.
Typically, commissions for Group Policies are based on a Fixed Amount in the Commission Rates for that Commissionable Product, which is then multiplied by the Member Count entered on the Transaction record. See the Commission calculation section for more details.
If the Commission rate for a specific Group Policy is subject to dial up or dial down, the admin can go into the Commission Distribution for that Policy and update the rates to fit the new rate requirements.
Portion of Policy detail page showing Company Name when Group Selected
Portion of Policy detail page showing Polictyholder Name when Individual Selected
Book of Business transition from legacy system to Comissio
When transitioning Policies from another system into Comissio, after creating/importing foundational data (Commissionable Products, Contracts, Commission Rates, Agents, Appointments) the overall steps are:
- Import Policy details.
- Import Commission Distribution data.
- If existing Advance balances are to be brought over:
- Import debit balances for the Policies for the Agents
- Import Agent Balance (sum of the debit balances from all policies)
- Import Transactions.
- Run Commissions