You keep hearing about Outstanding Commissions, but what exactly are they and why are they important to your business? The Outstanding Commission report identifies commissions that have been received, but cannot be reconciled due to the policies not being entered correctly in Epic or not entered at all. This is a report that is emailed to you monthly, and should be reviewed consistently to make sure you are getting paid for all the work you write!
If you keep finding some of your policies in the Outstanding Commission report and don’t know what’s going wrong, don’t stress! Below are examples of best practices that will help prevent your policies from being listed on the Outstanding Commission report and delaying your commission.
- Enter policies in Epic the same day they are issued
- Use the Follow up on download activity to ensure policies download
- Review the daily Policies Received report
- Set up a weekly or monthly New Business report to examine whether all your new business has been entered in Epic
- Utilize the Expiration reports to ensure client policies are accurate and up to date
If you’re unfamiliar with some of these reports, our Training Department offers free weekly Epic help sessions that tackle common pain points! If you’re interested in setting up some of the reports I mentioned above, please register for a Managing Epic Reports session HERE!
What should you do when your policies are on the Outstanding Commission report?
Not getting paid for a policy is frustrating, especially if you’re unsure how to fix it. I laid out a process below to guide you through your next steps so you can quickly update those incomplete policies!
- Step One: Verify that the client account was added in Epic
- If the client is not in Epic, create the client account
- Step Two: Look into the client’s Policy section to determine whether the policy was added correctly
- If the policy is not in Epic, add the policy exactly how it lists on the Outstanding Commission report
- Step Three: If the client account and policy were preexisting entries, look-over the entries to ensure the policy criteria (policy number, dates, issuing company and premium) correspond to what is presented on the Outstanding Commission report
- Step Four: Once all policies have been updated, email the ASNOA Accounting Department the account name(s) and policy number(s) at firstname.lastname@example.org. The Accounting Department must be notified to reconcile your agency’s outstanding commission
Are you not receiving your Outstanding Commission Reports?
Yikes, what can you do if the Outstanding Commission report is nowhere to be found in your inbox? Nine times out of ten it’s usually hiding in a different folder, like the Other or Spam folders. Here’s how you can check to see if you are receiving the reports:
- First, check your email junk, spam, and Other folders to ensure ASNOA communications are not set as junk.
- If you find the communication in one of those folders, please mark the sender as a ‘Safe Sender’ so all future communications will go to your inbox where you can see them!
- If you are not receiving the Outstanding Commission report, please notify email@example.com.
- If you would like your office manager, customer service representative, or producer to manage the outstanding commission report, let our Training Department know to change the recipient at firstname.lastname@example.org.
- If you have questions regarding the policy entry, you can also reach out to the Training Team!
Outstanding Commission reports can be frustrating, especially if you don’t know how to utilize them. The tips I gave you can help prevent your policies from winding up in these monthly reports, allowing you to get paid on-time for what you write!