Zywave has upgraded its agency management system BrokerageBuilder ahead of a larger product launch later this year.
The insurance tech provider made changes to the system to simplify the commission tracking process, which is often time-consuming for advisers, the company says. Eric Rentsch, head of product management for Zywave, says the update is in anticipation of a newer product the company plans to release later this year, called Sales Cloud, which will entail BrokerageBuilder.
Sales Cloud will help agencies better manage their financials and will integrate a number of Zywave technologies, including Zywave Leads and CodeSixFour, into one platform.
“[With] this commission tracking upgrade, we’re doing a lot to get the platform ready for that significant roll out,” he says.
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With the new updates, advisers are able to use BrokerageBuilder to import commissions from any carrier and compare a statement total with the payment entered to identify discrepancies. It also allows advisers to post multiple commission statements in the same month, post commissions to inactive accounts and apply new filters when sorting through data. The company rolled out the upgrades to clients in late March.
Rentsch says that commission tracking has been offered to brokers for a long time, but more are looking to automate and simplify. Commissions are typically housed within a carrier statement and many systems require these statements to be input in specific formats. By allowing brokers to input data using any format from any carrier, the process is a bit more streamlined, he says.
“There are multiple aspects to that workflow,” he adds. “We simplified all of those components.”
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In addition, automation can help brokers focus more on the human aspects of growing their business. It can be hard to concentrate on clients’ needs if an agency is struggling to organize their financials, Rentsch says. “I think it’s really about automating these predictable workflows so they can spend more time on the client facing and strategic work that they need to do,” he adds.
