Get Paid
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.
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?
- đźš© Policy Cancellation: The client changes their mind or finds another policy.
- đźš© Missed Payments: Payment fails due to insufficient funds or account issues.
- đźš© 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.
