Agency Information Management

 

 

 

  Managing Company Information

 

 

InsurancePro stores different information about the Insurance Companies you place business with. You must have information about Insurance Companies setup properly to take advantage of InsurancePro. InsurancePro uses this information in many different reports, forms, and also uses it to calculate your Agency’s Commission. Therefore, in order to get correct Business Reports, it is vital that you setup your Insurance Companies properly.

 

Note: You cannot add information about a client until there is at least one company added in your list of Insurance Companies.

 

You can access Company Setup Screen from “Manage Agency” option or “Agency Settings” dropdown in the Main Menu.

 

 

OR

 

 

You can also access the setup screen from the Extended Menu:

 

 

 

The Insurance Company Information Screen:

Following is a screenshot of the “Insurance Company Information” Screen:

 

All the Companies currently entered in the database are listed, and when you select one from the list, the detailed information about the company is displayed. From this screen, you can:

 

  • Add / Setup new Insurance Companies

  • View / Edit Information about Current Companies

  • Delete Companies from database

  • Print Mailing Labels for a Company

  • Setup NAIC Codes (Click here for details) 

  • Setup Commission Percentages (Click here for details)

Add / Setup new Insurance Companies

To add a new company, first click on the option to “Add a new Company” on the bottom left of the screen. Enter the name, address, phone numbers and other information about the company in the text boxes provided. Fill in all the fields properly and carefully. You have to enter commission as decimal percentages. For example, 10% would be entered as 0.10 and 8.25% as 0.0825. Make sure the correct commission percentage is entered, as it will be used to calculate your commission on policies written with this company. Once all the information is entered, you can click on “Save” to store the information about the company or click on “Cancel” to disregard any information entered. 

 

View / Edit Information about Current Companies

To view or change the information about a company, select it from this list. Then click on the option to “Edit Company Info” from the bottom left options. You should now be able to edit the information in the text boxes. Also, you should see the “Save” and “Cancel” buttons. Once finished you can click on “Save” to store your changes or click on “Cancel” to disregard them.

 

Delete Companies from database

Select the company you would like to remove from the list, and then click on “Delete Company”. InsurancePro will ask you to confirm deletion. Note that InsurancePro can only delete companies that do not have any policies associated with it. Also, deleting a company is a permanent action that cannot be undone.

  

InsurancePro has many intelligent features that enable the program to automatically enter information for you rather than you having to type them. A few of these options can be set here. You can tell InsurancePro about the following:

 

Specify a Company as General Agent to let InsurancePro know that this is not an actual Insurance Company, but a secondary brokers. When you enter a policy for a company who is a General Agent, you will get the option to add the Actual Insurance Carriers.

 

How the Agency collects commissions from each Insurance Company. You have the following two options:

 

Check to Agency: this means that the company with which the policy is written sends the agency a commission check.

 

Agency Retains from Down payment: this means that the agency deducts the commission from the down payment check it receives from the customer.

 

How the Agency sends payments to the Company. You have the following three options:

 

Agency Check: This means that the agency has to manually send one of its checks to the insurance company for payments.

 

Direct Debit: This means that the insurance company directly debits the agency's bank account for payments.

 

Deduct from Commission: In this method, the company deducts the payment due to them from the commission statement.

 

How the Insurance Company calculates Agency Commission: You have the following two options:

 

Premium for entire term: This means that the commission due for the entire term is paid to the Agency altogether when the policy is issued.

 

Month to Month: This means that the insurance company does not pay you for the entire term collectively. Instead, you get your commission every month when the client makes the monthly payment.

 

 

All this information will enable InsurancePro to make smart choices and automatically fill in many fields for you when you are entering payment information. For example, InsurancePro will know whether to automatically deduct or not to deduct the commission due from the down payment whenever a check is written to a company after receiving payment from a client. When writing a check to a company, InsurancePro will know whether to use the next check number, or to enter the payment as Direct Debit. Also, InsurancePro will know exactly how to generate your commission statement.

 

 

 

Notes Tab:

You can enter notes/memos for a selected Insurance Company to help you keep track of things.

 

 

Documents Tab:

InsurancePro also allows you to scan or attach documents associated to Insurance Company. For example, you can use this feature to scan in commission statements.

 

 

A Note about Company’s Website:

If the Insurance Company’s website address is provided to InsurancePro in this screen, InsurancePro will display a link to the Company’s website whenever you pull up information about a client that belongs to that particular company.