Step 4 -- Company Setup

Step 4 in Getting started with Agency Advantage is adding your Companies.

(The user must have permissions to Add or Edit Companies.)

A Company is any company for which your agency is a Producer. They may be insurance companies, managing general agencies, towing and rental companies, etc.

To add your insurance company’s information: on the menu bar, choose Setup and then select Insurance Company Setup.

Important: Your Companies must be added before you can add policies, download from companies or import quotes from your Rater. The Insurance Company Entry screen will appear as below:

Completely fill out the information for each of your Companies and save.

NOTES:

  1. Code:  Each company requires a unique 3 letter Code.  Example for Alexandria Underwriters, the code used is ALX.
  2. Company Name: This is to whom you write your checks for this carrier. Example: MGA name or insurance company.
  3. Carrier Name: This is the name of the insurance carrier that will go on the ID card.
  4. Combined Check: If your insurance company requests that you send them a combined check (this means they allow you to remit multiple items on one check) then check this box. The totals from each receipt will be added and printed onto a single check.
  5. Net Check: If your insurance company allows you to send them a Net Check, the Agency Advantage will auto figure your commission and deduct that amount from your premium check to the insurance company.

 

Once you have enter the company information you now need to add Commission Plans.

Each company is required to have at least one commission plan.

  1. Class: Choose the class (LOB) from the dropdown list 
  2. Plan Name: Fill in the Plan Name that you choose 
  3. Type: Choose the Type from the dropdown list (New, Renewal, or * for all types) If the company pays the same commission for all transactions, choose the asterisk *.
  4. % of Agy or Flat Fee:  Enter the commission percentage or flat fee rate (usually used with towing and rental or premium finance companies) for the plan. To enter a Flat Fee you must type a zero amount in the Commission % box even though a zero amount is the default rate.

In the Commission Plan screen below there are several different AUTO commission plans. Notice that with a Gold Plan for New Business the Type is N and the commission rate is 15%,but for a Gold Plan for Renewal the Type is ‘R’ with a commission rate of 12.50%.

Commission Plans assure accurate agency commissions when companies pay your agency using more than one commission rate.

 

The Additional Information tab is for all notes that would be useful to CSR's, regarding additional underwriting guidelines.

This is viewable from the Policy in the Customer folder.

 

The Website tab is for entering company website login web information that will be used with the Web Merge feature.

 

The last section in entering your companies in the Email.

The Email tab is a place to keep all the contact email information for this company. This information will be available for any email in the email center.

This concludes the Company setup section.

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.
Powered by Zendesk