The customer is a fully integrated insurance agency network that helps independent insurance agents grow their business. Founded in 2003, the customer pioneered the service offerings provided to independent insurance agencies by developing an insurance aggregator that offers not only carrier access, but a complete business solution.
Ultimately, the customer aims to help agents grow their business through cutting-edge technology, training, and support.
Operating as an integrated service provider that works closely with multiple entities, the customer had to engage with upwards of 300 carriers on a daily basis. This meant that their finance team of five employees was tasked with the mammoth responsibility of connecting with multiple carriers in order to download and manage agent and broker commission statements each month.
The customer was servicing between 300 – 400 brokers and agents each receiving commission statements from multiple carriers. Essentially the customer was managing an average of 3000 commission statements every month and ensuring that all commissions are accurately paid. This process involved the customer's finance team manually logging in to each carrier's website, downloading the carrier statement for each agent and broker, adjusting the carrier statements if errors were identified, and then manually transferring that commission statement data back into the organization's core Applied Epic AMS. Because this process is extremely manual and resource intensive, the customer was spending two to three weeks calculating commissions.
This meant that the customer’s finance team was spending so much time calculating commission, that they found it challenging to continuously meet monthly payment cut-off deadlines. To compound the issue even further, the finance team had to work within a considerably condensed time frame to perform adjustments if errors and discrepancies were identified.
To reconcile agent and broker commission statements, the customer’s finance team was creating copious amounts of pivot tables for each statement. Manually managing an average of 3000 pivot tables every month as a 5-person team was consuming a large portion of their daily working hours. This meant that the customer was missing payment cut-off deadlines on a regular basis which resulted in commission payment rollover for the months that the commission was not prepared in time.
Having to perform all this manual work made it incredibly difficult to report on the thousands of statements the customer had to manage. Reporting on commission statements every month was a complete afterthought for the customer. Their main concern was making sure that all their agents and brokers received their commission on time.
The customer needed a solution that could condense the administrative tasks surrounding the direct bill commission process, without dramatically reduced human involvement. Synatic helped to solve the customer’s Direct Bill commission challenges by automating the entire process through its AutoDB Commission solution. Using AutoDB Commission the customer was able to automatically:
Instead of spending 20 to 30 minutes downloading a single commission statement from a carrier site and reconciling that with the information within Applied Epic, Synatic automates the entire Direct Bill commission process allowing the customer to download and reconcile thousands of agent and broker statements in minutes, without human involvement.
With clean, duplicate-free, and precise commission data inside the customer's AMS reporting on the commissions became an easy and reliable process.
The customer was quoted saying, “Synatic’s AutoDB Commission solution has all the tools needed for agencies to automate the entire Direct Bill commission process. After the implementation of the solution, our finance team no longer needs to invest in multiple hours collecting and reconciling commission download data.”
“AutoDB Commission does all the arduous work by downloading, verifying, and integrating commission data into our Applied Epic. This saves our finance team from jumping between different tools to get commission statements and ensures commission payments to agents and brokers are provided quickly and accurately.”
