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APL: Commission Accounting Made Easier

CIO VendorJay Su, President
Commission has always held a great significance in the highly-distributed insurance industry for reaping business success. Carriers and brokers utilize commission as a critical element in their endeavor to build and retain a network of agents, and subsequently succeed in increasing the market share. However, carriers, brokers, and all other stakeholders have distinct frameworks to manage commissions. With multiple stakeholders having different requirements, managing commissions becomes an intricate process. APL, a company based in Arlington, TX, recognized these complexities when keeping track of commissions. It came up with a commission-accounting solution as a way to ensure accurate and on-time commission payment empowering carriers and brokers. Jay Su, the president of APL, puts it in simple words when he says, “APL simplifies, optimizes, and expedites commission accounting.”

APL’s broker-oriented, user-friendly, and economic system enables insurers and brokers to perform a broad range of commission-accounting related tasks such as commission audits, new business ledger creation, report generation, calculation of agent commission, chargebacks, and miscellaneous charges. By using APL, brokers can maintain the agent hierarchies as well as monitor running tallies of debit, chargebacks, escrow and IRS 1099 balances for each agent. Agencies can assign a schedule for any agent, at the policy-, agent-, contract-, or carrier-level. The solution lends the user complete control of the day-to-day status of earned and advanced commission to the agencies.
Given the complete visibility that APL offers, agencies can track agents through different variables, as well as understand the performance of every agent. Also, a group of designated users can assess the agency’s financial health through reports. APL’s built-in report generation capability simplifies the process of generating reports and provides a holistic overview of the agency to this special group of users.

APL simplifies, optimizes, and expedites commission accounting

With APL, brokers can also calculate and apply regular charges such as Errors and Omissions (E&O) premiums. APL not only empowers them with an extensive range of commission-accounting capabilities, but also allows customization according to brokers’ own requirements. APL also provides integration with brokers’ existing suite of solutions as well as third-party information management systems. The solution lets the agencies control customer and agency data, as well as import data such as agent and policy information from their existing systems.

Apart from its cutting-edge product, APL also offers a full-service solution that allows insurance carriers and brokers to eliminate the need for employing and training commission-accounting staff. The company’s Business Service department manages the commission-accounting as well as fundamental tasks such as weekly and monthly renewals, procuring statements from carriers, and processing the commission. Meanwhile, APL’s eAgentCenter renders tools for agents and Agent Service departments that assist to find and sort the latest commission data. Though the company manages many aspects of commission accounting, agencies have the final say in assessing the performance of agents.

In APL’s mission to create their success story in the insurance industry, the leadership of APL considers their customers as friends on their journey and believes in growing along with them. At the end of the day, APL will be found at the forefront of the commission-accounting arena.