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May 20, 2009
Volume 5 Issue 4
In this issue:
The Importance of Policy Activity | Production Reports vs. Premium Volume Reports
 From
the Editor
Many customers have asked about Policy Activities,
exactly what are they, what they do and why they are important. So in
response, this edition of our newsletter is loaded with much requested information
on Policy Activities and how they relate to premium and commission accounting
and reporting.
If your agency happens to work only with companies that
download, then the Policy Activities are done automatically as part of
the download process. However, if you work with companies that do not
download, activities must be completed in order to accurately track and
report on your business. The articles below explain further.
Tina Stewart
Editor
The
Importance of Policy Activity
A recent call to the Support Center illustrates the
importance of Policy Activities. The
agency complained that the data wasn't correct. CSRs were assigned
incorrectly and the commissions and premiums just weren't as high as they
thought they should be.
An examination of their database revealed that they
were not entering Policy Activities. Policy Activities are the foundation
of premium and commission accounting and the basis of all related reports. Without Policy Activities, production
reports do not have data from which to pull information about premium, commission
and other related information
Here is an example of a policy activity for a renewal.
This image is taken from a policy in a customer folder.
Double-clicking on
the record selector to the left will open the Policy Activity Maintenance
window.
Take note of all the information on the screen. This is
the information that will appear on production and other related reports.
The report sample
below shows how the information from the above Policy Activity appears on
the Production Report by CSR/PRO. This
report is designed to show the production and commission for CSRs and
Producers in your agency.
The information we're
going to zoom in on is shown below.
As you can see, the information is pulled DIRECTLY from
the policy activity. If you've been skipping the Policy Activities, then
you're missing out on one of the strengths of The Agency Advantage,
premium and commission accounting.
Production
Reports vs. Premium Volume Reports
Production Reports are an exact replica of
policy activity transactions for the given date range. Based on the above explanation of Policy
Activity, a Production Report will show the premium and commission
produced during the date range of the report. Click on the picture below
for a better view.
Premium Volume Reports show the annualized premium
of your business in force as of a selected date. These reports look at
effective date, expiration date, and the premium. If the date you enter
in falls in between the effective and expiration dates on the policy,
then that policy be on the report.
This sample report (click for larger view), shows the
business have in force by company.
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