Is Your Commissions Process Wasting Money?

EZLynx believes that agencies spend too much time and money trying to manage commissions. Defining commission rules and producer payouts is an important part of any well running shop; however, it is a cost center for the business. Between setting up complex rules, reviewing and importing statements each month, correcting data, and verifying payouts, agencies are spending a tremendous amount of employee time and money on non-revenue generating activities. We decided to reduce the complexity and remove the guess work from the commission process.

The Future of Commissions

Keeping with our product roadmap to focus on four key pillars of improving productivity, serviceability, scalability, and profitability in agencies, EZLynx Commissions simplifies a complex process so that any agency can accurately track and pay commissions. We are currently under way on the complete overhaul of this workflow to help agencies increase productivity and reduce their efforts on this tedious process.

Commissions are the lifeline of an insurance agency. Each step of recording, reconciling, reporting, and managing commissions directly ties to someone’s paycheck. We are implementing our enhancements to this process in steps as we push toward our goal of a smarter, simpler commissions system. At each stage, members of our beta program will provide month-over-month feedback to ensure the tool meets the unique needs of independent agents.

Statement Import

Every new month creates a costly and time-consuming challenge for your agency. Each carrier sends their statements in slightly different formats. Remembering the variations and updating these large data sets prior to bringing them into the system is a costly learning curve each month. This adds to the frustration and costs the agency valuable time and resources. We simplified the number of steps needed when importing in order to improve your workflow and increase your agency’s efficiency.

Minor differences from the carrier can be time consuming to fix every week, so our new statement import feature remembers this information for your agency – so you don’t have to. As imports arrive and you make changes to the information, EZLynx will remember your import mapping and data corrections. For example, if the carrier sends the full state name instead of state abbreviation, after you correct it one time, EZLynx will remember it for every subsequent upload.

Rule Creation

Most people don’t think about commissions until there is a problem. When producers don’t get paid out at the correct rate or the agency over pays, it is obvious that there is a problem. Commission rules power the payout system and align to the agencies payout structure. Any issue in setting up the rules or ordering is apparent once the statements come in.

EZLynx Commissions empowers agencies with a streamlined creation workflow and an intuitive rule engine to simplify payouts. The step-by-step workflow guides you through the creation of each rule, adding criteria, and defining payouts in a simple, easy to understand format. Based on feedback, we have included several additional options such as department and policy effective dates.

Join our Beta Team

Commission management is a vital component of every agency. With our latest updates, EZLynx wants to bring efficiencies to save agencies time and increase productivity in their back-office processes with a streamlined commission system that is simple and accurate.

The new rule creation workflow is currently in beta, and we are looking for agencies to provide month-over-month feedback on the new features. Agencies get a side-by-side comparison of the new rules and their existing rules to review and ensure complete accuracy before the full release of this feature. If you are interested in participating, you can apply to join the Beta Team by clicking HERE.