HawkSoft enables your agency to reconcile and track commission paid to your agency, and to track commissions owed to the producers.
There are a few methods for importing and creating commission statements in HawkSoft for reconciling.
Once these statements have been imported or created in HawkSoft, you can view the statements, adjust transactions as needed, and reconcile the statements, marking them as complete and accurate and recording the transactions on policies so they can be reported on. After the statements are reconciled, you can pay out agents in HawkSoft, marking the commission transactions as paid and enabling you to create agent paid reports and statements that can be exported to CSV and shared.
Before starting commission workflows, you will first need to both create agent rules and enable carrier downloads. This helps ensure that you have the statements to reconcile, and that HawkSoft has the information to calculate your agent payouts.
Agency Commission Settings (Anticipated Commissions)
Agency Commission Settings enable you to set the commission basis for each carrier. The commission basis can be used for your own reporting purposes and is used by HawkSoft to create Anticipated Commission statements for those carriers using a Premium Paid or Premium Written commission basis.
You can set default agency commission percentages for each carrier for New/Rewrite and Renewal terms, which will automatically be applied to anticipated commissions. You can also create detailed rules to override the percentages based on writing carrier, application type, or line of business. These details help HawkSoft create more accurate anticipated commission transactions for your agency.
This article explains how to set a carrier's commission basis and default commission percentages, as well as how to create, edit, and manage detailed rules per carrier.
Agency Commission Settings (Anticipated Commissions)
Agent Commission Rules
To make it possible for HawkSoft to calculate the commission due to your agents, you must create agent commission rules. These rules enable HawkSoft to use information on a transaction such as the agent, carrier, line(s) of business or application type to determine the type of commission, the amount due, and the agent(s) the commission is due to. This helps make the process of paying your agent commissions simpler and more streamlined, because the commission owed to each agent will be calculated for you based on the rules you've set.
This article explains how to create, edit, delete, and reorder agent commission rules in HawkSoft.
Creating and Managing Commission Statements
HawkSoft enables your agency to reconcile and track commission paid to your agency, and to track commissions owed to the producers.
This article covers the many options for importing and creating commission statements in HawkSoft for reconciling.
Creating and Managing Commission Statements
Managing and Reconciling PDF Commission Statements
Your agency may receive commission statements from carriers, managing general agent (MGAs), or brokers who do not send downloads. In some cases you may receive CSV copies of these statements, which you can import. However in many cases these carriers or brokers will only provide a PDF or paper copy of the commission statement. If the statement is brief and simple, you may find it easiest to create these statements manually in HawkSoft. For longer or more complex statements, You may be able to convert the PDF to a CSV file using Excel (depending on the formatting of the PDF).
This article explains how to try to convert a PDF statement into a CSV file for import, and how you may need to handle potential missing data on such statements.
Managing and Reconciling PDF Commission Statements
Adjusting Commission Transactions
Carrier commission statements can sometimes require some adjustment for accuracy. The statements your carrier sends might be missing a transaction, or include a transaction that shouldn't be there. They may have a typo in an amount or percentage field that needs to be corrected. For all these cases and more, HawkSoft provides several ways you can work with commission transactions to ensure your commission statements are recorded accurately. You can add new commission transactions, you can remove unnecessary transactions, and you can modify existing transactions.
Commission transactions must also be matched to policies or marked as agency-only in order to complete statement reconciliation. See Matching Commission Transactions for more information.
This article explains how to add a commission transaction to a statement, how to delete or void a commission transaction from a statement, and how to modify a commission transaction.
Adjusting Commission Transactions
Matching Commission Transactions
For HawkSoft to track and calculate the commissions for the agency and the producer, and to enable you to pay the commission owed during the payout workflow, it's vital that each transaction on a commission statement is matched to the appropriate policy in HawkSoft, when applicable. When your agency receives a new commission statement download or import, HawkSoft attempts to match the transactions on the statement to your clients and policies.
In some cases, however, the carrier may send slightly different information on the commission statement than you have listed for the client/policy, or may even send information for a client or policy that you don't have in HawkSoft yet, meaning HawkSoft can't find a policy to match the transaction to. These transactions are left "unmatched" so you can tell HawkSoft where they belong, which will make for a smoother experience when reconciling and paying out commissions in the future. Transactions can also be re-matched, in case you notice a mistake after the initial matching.
This article explains how to match unmatched commission transactions to policies from the Commission Statement Summary.
Matching Commission Transactions
Reconciling Commission Statements
Once you have reviewed and made any necessary modifications to your commission statements and transactions, you are ready to reconcile the statements. The reconciliation process ensures you have commission transactions that are complete and accurate, that they have been matched to the policies where appropriate, and that the totals match between the carrier statement and the total of the commission transactions in HawkSoft. These reconciled transactions are used to generate agency and agent commission reports.
This article explains how to reconcile a downloaded, imported, or created commission statement.
Reconciling Commission Statements
Processing and Reporting Overview
The following articles cover reports and workflows for managing commission data in HawkSoft. Learn how to track reconciled commissions, process agent payouts, and identify missing commission transactions.
Commission Processing and Reporting Overview
Agency Reconciled Commission Reports
Agency Commission Reports enable you to track your reconciled agency commission transactions based on the Reconcile Date, the Reporting Date, the Statement Date, or the Transaction Date. From there, you can break down these date-based reports further, such as by client or agent, using report summaries and filters to get the granular reports you may need.
This article explains how to run a report to review your reconciled agency commission transactions.
Commission Policy Reports
HawkSoft comes with a variety of Commission Reports to help you measure the status and health of your agency. This includes reports on agency commission, agent paid commission, and commission by policy. The data is displayed in a table, with flexible display options, making it easy for you to show only the data you need. This article covers how to run and work with commission reports, and lists which types of commission reports are available to be generated.
Agent Commission Payout
Once you have reconciled your commission statements, you can create an Agent Payout List in HawkSoft. This enables you to create a list of each agent's reconciled commission transactions within a specified date range, either for selected carriers or for all carriers. You can then select any or all of the transactions on this list to be paid out. A summary at the end of the process provides total values per agent for the completed payout, to make it easy to write those checks.The selected transactions are marked as paid on the agent paid statement and agent paid report, and they do not show on future agent payouts.
This article explains how to perform an Agent Payout in HawkSoft.
Agent Commission Paid Report
Agent Commission Paid Reports enable you to track your paid agency commission transactions based on the Reporting Date, the Agent Paid Date, the Reconcile Date, the Statement Date, or the Transaction Date. From there, you can break down these date-based reports further, such as by agent or carrier, using report summaries and filters to get the granular reports you may need.
This article explains how to locate and run an Agent Commission Paid report.
Agent Paid Statements
After reconciling your commission statements and paying your agents, HawkSoft enables you to create Agent Paid Statements. These statements provide the total commissions that have been paid out for each agent within a specific date range. The statements are further broken down by carrier, providing you with details about which carriers your agents are receiving more or less commissions from.
After creating the Agent Paid Statements, you can export them as a batch of CSV files, which can be emailed and opened in Excel or similar spreadsheet software. You can also create PDFs of agent paid statements to print or share..
This article explains how to create Agent Paid Statements, export agent paid statements to CSV files, and print individual agent paid statements to either your printer or a PDF file.
View Policy Commissions and Adjust Commission Overrides
As part of reconciling commission statements, the transactions on these statements are matched to policies on your clients. When the statement reconciliations are completed, these matched transactions are saved to the policies that they were matched to, where they can be viewed on the policy Commissions tab.
In addition to providing a place to review the reconciled commission transactions on a specific policy, the policy Commissions tab also provides options for setting Policy Commission Overrides. These policy-specific rules enable you to fine-tune the way HawkSoft calculates the commission on a policy by telling HawkSoft to treat the policy as if it is in a different term (new/renew/rewrite) for a certain amount of time.
This article explains how to access the commission tab on a policy, what data is shown on this tab, and how to create or change a policy commission override from this tab.
Policy Commissions and Commission Overrides
Commission Term Logic
To ensure that the correct commission values are applied to your agency's commission transactions, HawkSoft performs a series of logic tests to determine the term of the commission transaction.
This article provides a flow chart to illustrate the logic tree that HawkSoft uses to calculate commission transaction terms.