Producers and commission

A producer is a third-party entity that connects policyholders and insurers. Producers are typically paid commission for the services they provide. This could be a flat amount or a percent of some portion of the policy.

BillingCenter provides several features so that producers and commissions can be managed in BillingCenter. This includes the following features.

• Commission plans define how commission is processed for a group of producers. This includes identifying the type of items on a policy that are commissionable, the commission rate, and the point in time when commission is earned.
• Commission overrides replace the default commission rate from a commission rate with a new commission rate or with a flat commission amount. Commission overrides can be specified programmatically or manually.
• Commission payments are payments sent from BillingCenter to producers for commission earned.