What Is a Carrier Statement (and Why It Matters)?
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A carrier statement is the carrier's list of every policy it is paying your agency commission on, and how much.
What it is
It comes with each commission payment. The payment is the money, and the statement is the breakdown of what the money covers.
What is on it
Most statements carry these six, one line per policy:
| Field | What it shows |
|---|---|
| Policy number | The policy's own number |
| Customer name | Who the policy is for |
| Producer name or code | Who wrote it, in the carrier's records |
| Premium | The policy's premium |
| Commission rate | The percent the carrier is paying you |
| Commission amount | What you are paid on it |
Many also show the policy's start date, whether it is new or a renewal, and whether the line is a change or a cancellation.
One carrier's statement looks nothing like the next carrier's. Fields have different names and sit in a different order, so each carrier takes learning once.
A worked example
Example. A line reads: auto policy, premium $1,200, rate 12%, commission $144. Check the sum: $1,200 × 12% = $144, and 12% is the rate in your contract. If the rate had read 10%, the commission would be $120, and the carrier would owe you $24.
Why it matters
Checking each line against your own sales is called commission reconciliation. It catches a policy the carrier left off, a wrong rate, and a sale credited to the wrong producer.
How Producify works it out
Producify does not read carrier statements.
It works from your own sales, which come in from a file, through Data and then Upload Data, or one at a time with Record a Sale.
Pay is worked out for each person from the sales linked to them, so checking a carrier's payment against those sales is still your step. See Download sales as a spreadsheet.
Frequently Asked Questions
What's the difference between a carrier statement and a commission check?
The check is the payment. The statement explains what the payment covers.
How do I know if my carrier is paying the right commission rate?
Compare the rate on each line with your carrier contract. If your contract raises the rate at a volume level, check the new rate was used from the right month.
Keep the sales log you check against
Producify holds the sales log you check a statement against: Export downloads a spreadsheet of every sale that matches your filters and search.
Producify is commission tracking software for independent and captive insurance agencies.