Tracking Agency Commission with CRM

Nicholas Ayers

Nicholas Ayers

Better Agency Co-founder

When it comes to tracking commissions, how is your agency handling the process? Are you still relying on Excel sheets, taking the carrier statements at face value, and simply writing checks for your agents? Does your basic CRM not offer commissions processing capabilities? If you answered yes to any of these scenarios, you need the right CRM software to track your agency commissions. It can help you manage commission payments, simplify commission payouts, and gain insight into commission-specific data that will help you better achieve your agency goals.

Tracking Agency Commission with CRM

What is an agency commission?

Every time you sell an insurance policy, the insurance carrier issues a percentage of the premium payment for every policy to you as the commission. For independent agents, managing commissions may not seem so complicated. However, when you are an agency with multiple agents representing multiple carriers, it can become overwhelming. You have to try and manage commission payments coming in and the commissions you need to pay out to each agent in your group. This is where a commission tracking CRM can simplify the entire process.

Importance of commission tracking

Adding a CRM that offers commission tracking to your agency allows you to focus on other areas of your business instead of spending time each month calculating commissions. But that isn’t the only benefit. CRM commission processing software offers many additional benefits, including:
  • Removes human error from the commission process
  • Provides real-time access to commission statements
  • Insight into agent performance and top trends
  • Automatically perform commission splits at different levels
  • Prevent policy lapses and lost commissions

Best agency commission tracking system software

When it comes to tracking commissions for the health and life insurance industries, not all software is created equally. When searching for the right software for your agency, you will find that some may only track commissions, but you must find something different for every other aspect of commission processing. When looking for software, your goal is to find a solution that makes tracking, managing, recovering, and processing commissions more efficient.

1. Better Agency

Better Agency is more than just a commission tracking software. It is an insurance CRM explicitly designed for the insurance agency by insurance agents to understand what you really need. No more trying to piece together different programs with the hopes of achieving your goals. This CRM targets exactly what you need to manage your agency, automate your pipelines, sell more premiums, and track and process your commissions. In addition, they offer an AMS and CRM in one simple, integrated tool with over 100 pre-built automation campaigns.

Pricing varies depending on whether you choose CRM or full CRM and AMS combined and on how many agency users you need. Costs range from $299/month to $699/month.

2. Performio

Performio is a commission tracking and processing software that allows you to customize sales compensation plans and commission calculations. In addition, it provides a commission table that shows a complete record of all payouts and recipients, a robust commission forecasting tool, and a leaderboard that allows reps to compare their performance against their peers. Unfortunately, it does require a lengthy setup for customized plans and offers limited third-party integrations.

Pricing ranges from their starter package at $20/month to their professional package at $30/month.

3. CaptivateIQ

CaptivateIQ is a commission tracking software the offers automated and flexible commission solutions. With CaptivateIQ, you can easily set up and customize any commission plan and see real-time changes. In addition, your team can track performance with real-time dashboards and reports. The customer service team at CaptivateIQ has years of experience in commissions and accounting and can coach you through the entire setup process and provide support as needed.

4. Spiff

Spiff is a cloud-based commission tracking program that enables businesses to automate their commission calculating process. In addition, it offers a motivation module that allows for key performance indicators and goal-achievement tracking. It integrates with HubSpot, Microsoft Dynamics, NetSuite, QuickBooks, Salesforce, and more.

Pricing is customized to your individual business needs.

5. Pipedrive

Pipedrive is a sales-focused CRM that is easy to use and offers various tools and integrations. When it comes to commission tracking and processing, this software allows users to calculate bonus compensations based on performance and visually represent sales pipelines. It also offers revenue forecast reports. However, it does not offer in-app commission calculations, and payment processing requires a third-party integration.

Pipedrive does offer a 14-day free trial. Pricing is per user and ranges between $12.50/month to $99/month.

6. QCommission

If you already have CRM software you are happy with, QCommission may be your solution for commission tracking, as it integrates well with various CRM programs. This program offers users the ability to calculate commissions easily and is very customizable. Their advanced commission calculation tools allow you to process split commissions and variable rate compensations. You can set commission processing schedules to monthly, quarterly, biannually, and annually. In addition, this program offers extensive reports, including year-to-date commission payouts, payee incentive commissions, unpaid commissions, and more.

Pricing is per user and ranges between $15/month to $37/month.

7. NextAgency

NextAgency is another software designed specifically for insurance professionals that offers commission tracking and processing. It allows users to monitor compensation by carriers, clients, and product lines. It also monitors payment by brokers, reps, and sub-agents. Users can also track different forms of compensation, such as overrides, fees, and bonuses. Additional reports track trends and project future commissions. The downside to this program is the lengthy customization process at start-up.

Pricing is $93.75 monthly for one user, with an additional cost of $42.25 for each additional user. Pricing discounts are available when paid at a yearly rate of $937.50 plus $422.50 for each additional user.

8. EZLynx

EZLynx is an insurance SaaS software that offers a wide range of features, including commission management, to help streamline your business. In addition to commission tracking and processing, EZLynx offers policy management, document management, quote management, insurance rating, and more. The main idea of this software is to aid in acquiring new business and retaining existing customers. They offer documentation and webinar training of their software, as well as online support. Pricing is dependent on your individual office needs and they will provide you with an individual price quote.

9. Commissionly

Commissionly is a commission tracking system that integrates well with a wide range of CRM and accounting software. It offers commission sales split calculations, multi-stage commissions, and commission payment processing. In addition, it offers multi-currency support. While it is packed with commission tracking benefits and is easy to use, setup can be challenging and often requires technical experience.

Prices are plan-based at a monthly rate. Plan 1 is $250/month for up to 15 users, Plan 2 is $400/month for 30 users, and customized pricing is available for more than 30 users.

Which one is right for your business?

While each one of these commission tracking and processing software plans offers benefits, finding the right one for your business can take time and trial and error. Many of these are geared toward sales commissions, so they don’t always integrate well with the insurance industry.

Better Agency: The #1 Insurance CRM

If you are an insurance agent looking to grow your agency and streamline your processes with automation, you need to use an Insurance CRM.

Better Agency was built by insurance agents and it’s the top choice for agents looking to grow their business. With Better Agency you can take advantage of all the top features included: automation campaigns built into the platform. It includes all the emails and text messages, as well as reporting and task management.

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