To improve the accuracy and flexibility of revenue projections, we've added a new "Compensation" tab to the Benefits Page. This addition will provide a more streamlined method for users to adjust compensation dates and tailor the revenue window for individual benefits. The key goal of this enhancement is to ensure that the compensation data is both accurate and adaptable based on various scenarios that might occur over time.
To access the Compensation tab, go to the Benefits tab > Actions > Edit > Compensation tab.
Please ensure that the benefit includes the Effective/Renewal Dates, Expected Commissions, and Payment Frequency before viewing the compensation table details.
Overview of the "Compensation" Tab:
The new Compensation tab will feature two primary date range fields: In-Force Dates and Compensation Dates. These fields will allow users to define a customized window for projecting revenue, reflecting the actual compensation timelines for each policy or benefit.
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In-Force Dates:
These fields will be automatically populated based on the effective/renewal dates from the system. -
Compensation Dates:
This field will default to the same dates as the In-Force Dates. However, users will have the ability to adjust these dates to accurately reflect the compensation window for a given policy. The fields will include:- Compensation Start Date
- Compensation End Date
A checkbox labeled “Apply Maximum End Date” will allow users to automatically set the compensation end date to the maximum allowable value—37 months from the current month.
Compensation Table Structure:
To streamline the revenue tracking process, the page will display a table that outlines the projected compensation over the designated date range. The table will consist of the following:
Date: Each row will represent one month starting from the Effective Date. The months will be formatted as “Month Year” (e.g., May 2024, January 2025).
Commission Schedule: This will be populated based on the Expected Commission and Payment Frequency fields. The schedule will be dynamically updated depending on the selected frequency.
- If the Expected Commission is $100 and the Payment Frequency is Monthly, every row will display $100.
- If the Payment Frequency is Quarterly, commissions will appear on the first, fourth, seventh, and tenth rows, and so on.
- For Semi-Annual payments, commissions will appear on the first and seventh rows.
- If the Payment Frequency is Annual, commissions will appear on the first and thirteenth rows (if applicable).
Commission Received: This column will display the total commissions that have been imported and linked to the benefit for each month (based on the "paid to date" data). If no commission has been received for that month, it will display $0.
Bulk Update Compensation Dates
To save time when managing multiple policies, a bulk assignment option is added to the policy view. Navigate to the Cases/Policies page > Policy View > Select benefits > Bulk Actions > Update Compensation Dates > Update.
Integration with Projected Revenue Report
The data from the Compensation tab will be directly linked to the Projected Revenue report. When generating the report, users will be able to select the relevant date range. If the date range extends beyond or precedes the available months in the Compensation tab, the report will return a value of zero for those periods.
Please contact our support team if you have any questions.