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Payment and Scaling

  • Commission Checks: Monitor direct deposits and confirm payments are accurate.
  • Chargebacks: Address any chargebacks or policy cancellations immediately.
  • Scaling the Business: Reinvest a portion of commissions into leads and training to sustain and grow the business.

**Best Practice

Business Bank Accounts or Dedicated Personal Accounts to receive Carrier Commissions makes record-keeping easier.

Stay on Top of Your Pending Business

Maximize approvals, minimize delays, and get paid faster.

📌 Step-by-Step Guide

1️⃣ Daily Pending Business Review

  • 🔍 Check carrier portals for updates.
  • 📩 Review emails for underwriting requests or outstanding requirements.
  • 📝 Update your tracker (Client Name, Carrier, Status, Action Needed).
  • ➡ Tool: Use Quility HQ to track your pending business.

2️⃣ Weekly Follow-Up Routine

  • ✅ Set a dedicated review day (e.g., Mondays).
  • 📞 Follow up with carriers & clients on outstanding issues.
  • 📌 Schedule alerts for next steps.

3️⃣ Carrier & Client Communication

  • ☎ Carrier Follow-Up: Escalate delays & check for missing requirements.
  • 📲 Client Follow-Up: Remind clients of signatures, medical exams, or missing paperwork.

4️⃣ Automate & Set Alerts

  • ⏰ Use Google Calendar, CRM, or Quility HQ for reminders.
  • 🛠️ Pending Business Checklist helps track every step.

5️⃣ End-of-Month Cleanup

  • 🔥 Prioritize 30+ day old cases.
  • 🚀 Push for month-end approvals to maximize commissions.
  • 📑 Send out a Pending Business Report.

6️⃣ Office Support & Accountability

  • 🏆 Team Check-ins ensure no cases fall through the cracks.
  • 📊 Quility HQ Reports help track business trends.
  • 📣 Leaderboard Recognition can boost engagement.
Understanding Compensation

Intro to Symmetry's Compensation

This video will give you a comprehensive overview of Symmetry's compensation system. Learn how our Value-Based-Leads-System works for you to create a successful business.

Commission Guidelines

Your commissions are the foundation of your financial growth in this business. Understanding the commission structure ensures you stay informed and maximize your earning potential. Follow the guidelines below to stay on track.

Commission Structure

- Base commissions are calculated as a percentage of the annual premium.
- Overrides are available for agency owners on policies written by agents within their team.
- Additional bonuses may apply for hitting production targets or qualifying for contests and trips.

Payment Schedule

- Commissions are paid via direct deposit daily, typically within 3-5 business days after a policy is submitted and approved.
- Certain carriers, such as National Life Group, pay commissions weekly.
- Ensure all client documentation is complete to avoid payment delays.

Policy Receipts and Amendments

- Policies must be delivered to clients, and signed receipts must be submitted to carriers.
- Outstanding amendments or receipts can delay commission payouts.
- Check carrier guidelines for specific requirements.

Chargebacks

- Chargebacks occur when a policy is canceled within the commissionable period (e.g., client cancels or payment fails).
- Minimize chargebacks by ensuring policies meet client needs and premium payments are affordable.
- Stay in regular communication with clients to address any concerns.

What Exactly Is a Chargeback?

Chargebacks are a natural part of the insurance business and happen to even the most experienced agents. They’re not penalties—they’re adjustments. Understanding chargebacks and how to manage them is key to long-term success.

What Is a Chargeback?

A chargeback occurs when a client’s policy is canceled, lapses, or the client stops paying premiums during the commissionable period. This results in the agent returning a portion of the commission they were paid upfront.

Example of a Chargeback

If you earn $900 in commission on a policy, but the client cancels after paying only 3 months of premiums, you’ll need to return the commission for the remaining 9 months—about $675.

Why Do Chargebacks Happen?

  • 🚩 Policy Cancellation: The client changes their mind or finds another policy.
  • 🚩 Missed Payments: Payment fails due to insufficient funds or account issues.
  • 🚩 Policy Replacement: The client replaces the policy with another one.
  • 🚩 Miscommunication: The client didn’t fully understand the product.

How to Minimize Chargebacks

  • ✔️ Focus on Client Needs: Offer policies that fit their budget and goals.
  • ✔️ Educate Clients: Help them understand the value of their coverage.
  • ✔️ Follow Up: Stay connected to address concerns and prevent cancellations.
  • ✔️ Set Realistic Expectations: Be transparent about how the policy works.

Encouragement for Agents

Chargebacks happen to everyone. They’re not a reflection of your ability but a normal part of the business. Learn from each experience, focus on building strong relationships with clients, and stay consistent. Over time, you’ll minimize chargebacks and grow your business.

CLICK HERE FOR MORE ABOUT EACH STEP