This article explains how to set up agent commission rules.
Agent commission rules allow Momentum AMS to calculate commissions due to agents automatically. Before the system can achieve that, different variations of how the agents get paid must be entered. Since the agency may decide to pay agents different commissions depending on the carrier, MGA, and lines of business, it is important to specify these variations. Follow these steps:
Key Steps
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Hover over your name in the top right corner and click on Agents.
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Choose the agent you want to add the commission rule for from the Agents list and click on Actions and Commission Rules.
- Click on "Add New" under the Commission Rules list.
- Select the triggers that will activate the commission rule (e.g., carriers, MGA's, referral source, dates active, line of business class, line of business, payment type).
- Choose the payment type based on agency commission, base premium, agency fee, or incentive fee.
- Enter the specific rules for each trigger (e.g., new business, renewals, rewrites) with the corresponding commission percentages.
- Start with more specific rules and end with more general ones to ensure all policies are covered.
- Click Save at the bottom to save the commission rule for the agent.
Note: The more specific a rule is, the higher its priority. Therefore, begin with the most specific rules and conclude with more general ones to cover any remaining scenarios.
For instance, the system will prioritize rules associated with specific carriers and apply the corresponding commission before considering rules labeled as "[Any Carrier]." This approach also applies to "MGA" and "Line of Business."
Regarding commissions, you can define rules to calculate commissions for "New Business" as either a percentage or a fixed amount. The same options are available for "Renewal" business and rewrites.
Here is a brief video that illustrates how to add agent commission rules:
https://www.loom.com/share/69f4e4cfe5344c8780461a865f23bcf8?sid=48f9c14c-63ae-4725-8e8a-832358752e08