View Agents with insufficient collateral in their accounts.

Transcription

1 This guide is designed to help you understand the Financial Commission Reports available on Agent Net Info. It also serves as an ongoing reference for instructions on how to most effectively use the Financial Commission Reporting. Key Features Start with a summary of a Commission report and drill down to an agent level. View your Personal Commission. View your Unit s Commission. View your potential future commission. View your Personal and Unit Persistency. View Agents with insufficient collateral in their accounts. View Agents with a low persistency or agents whose potential Earnings are less than their debit balance. Be alerted of Agents whose placed production is 0 for a selected time period. All reports will be available by the 10 th of the month. *Due to the proprietary nature of the information provided, the Financial Reports will only be available to personnel who have the ability to view commissions. Contact the Agent Support Center to request access for any of your employees.

2 Manager Financial Summary Select Arrow to view Terminated Agents Select Arrow to view a new date range Report Features Allows managers to generate a list of names that appear on the Agent Financial Summary. Requirements for Agents Appearing on Report Agent must be part of the manager s hierarchy. Agent must have an agent number whose YTD Commission amount is greater than 0 OR Agent must have an agent number whose debit balance is greater than 0. When selected the Managers Financial Summary Report will default to the last Horizon cycle date for active agents. The initial sort for this report will default by the agent s last name then first name. 2

3 Generating a New Report 1) Select the Agent Status: Active Status includes all Active agents. Terminated Status includes all Terminated and Deceased agents. 2) Select a Date Range: Current month-end. Previous month-end. December month-end. Note: November month-end includes 12 month commissions that will be included on your 1099, if applicable any December current month bonus will need to be added to your November YTD ) Click on Run Report once the report options have been selected. 4) Select an agents name to go to the Agent Financial Summary. 3

4 Agent Financial Summary 4

5 Report Features Allows managers to view a financial summary of all of the agent numbers and companies for a particular rep within their hierarchy. Allows individual agents to view a financial summary of all their agent numbers and companies. 5

6 Requirements for Agents Appearing on Report Agent must be part of the manager s hierarchy. Agent must have an agent number whose YTD Commission amount is greater than 0 OR Agent must have an agent number whose debit balance is greater than 0. Note: If there is any activity on an agent number (commission, persistency, production, inforce premium, etc.) at the personal or unit level, the agent number & company will appear on the summary report. When selected from the left-side menu of ANI the Agent Financial Summary Report will default to the last Horizon cycle date for active agents. When selected from the Manager s Financial Summary the report will default to the agent status and date range selected on the Manager s Financial Summary. Definition of Report Data Report Heading: Agent Number: only agent numbers that meet the Requirements For Agents Appearing on Report will appear. Select the Agent Number to view the Financial Details for only that agent number. Company: the primary company associated with the agent number. Select a New Date Range: Current month-end. Previous month-end. December month-end. Note: November month-end includes 12 month commissions that will be included on your 1099, if applicable any December current month bonus will need to be added to your November YTD

7 Personal Data: Address: Agents business address. Agent Status: the agent status for the Contract Date: the minimum contract date of the agents active agent number(s). Terminated Date: the maximum termination date. Business Phone: Agents business phone number. 7

8 Total Commission Data: Current Month Commission & YTD Commission Beginning Balance: the ending balance of Earned Commissions account from prior month. 1 st Year: 1 st year earnings for the month-end selected. All policies in 1 st year. Renewal: Commissions earned from years Service Fee: Life: commissions earned after the 10 th year. Health & Annuities: commissions earned after the 1 st year. Other: Bonuses applied to debit. Trails. Total Earnings: 1 st Year + Renewal + Service + Other = Total Earnings. Cash Flow: All advances and earned checks. Misc. Charges: non-taxable adjustments that affect the debit balance and are not included on your Miscellaneous Charges Detail Report accessed via the Misc. Charges link, unless miscellaneous charges are $0.00, with no supporting charges. Ending Balance: Beginning Balance + Earnings Charges Cash Flow = Ending Balance. 8

9 Vested Commission Remaining 1 st Year: potential vested commission from 1 st year earnings. Vested Renewal: potential vested commission earned from years Contact Home Office for 12/ Amount: message will appear in December due to data not being available on ANI until January 15 th of the new year. Total Personal Persistency Data: Persistency Rules: Personal Persistency includes any Personal inforce policies that are not not taken or free look policies. Persistency will include the base coverage and any increases to the base coverage. No riders will be included in this persistency. Persistency will only be done for Traditional, ISL, UL, VUL, and Disability Income policies. The base coverage must have a ratebook of TD, UL, VU, or DI to be considered for persistency. Currently each persistency range will be for 36 months. The persistency counts for each persistency range will take into account any splits. 9

10 6 Month Issue Date: Go back 6 months to get the ending persistency date then go back 36 more months to get the starting date. A calculation is then performed to determine what percentage of these polices remained inforce for 6 months. Example of report run on 06/30/2003: 6 months prior from 06/30/2003 would be 12/31/2002, this would be the ending persistency date, going back 36 months prior from 12/31/2002 would make the beginning date 01/01/2000. The 6 month persistency range would be 01/01/2000 through 12/31/ Month Issue Date: Go back 13 months to get the ending persistency date then go back 36 more months to get the starting date. A calculation is then performed to determine what percentage of these polices remained inforce for 13 months. Example of report run on 06/30/2003: 13 months prior from 06/30/2003 would be 05/31/2002, this would be the ending persistency date, going back 36 months prior from 05/31/2002 would make the beginning date 06/01/1999. The 13 month persistency range would be 06/01/1999 through 05/31/ Month Issue Date: Go back 25 months to get the ending persistency date then go back 36 more months to get the starting date. A calculation is then performed to determine what percentage of these polices remained inforce for 25 months. Example of report run on 06/30/2003: 25 months prior from 06/30/2003 would be 05/31/2001, this would be the ending persistency date, going back 36 months prior from 05/31/2001 would make the beginning date 06/01/1998. The 25 month persistency range would be 06/01/1998 through 05/31/2001. Note: Since the persistency span is 3 years (36 months) it is possible that a policy could be included in multiple persistencies. For instance, in the above example, if a policy was issued 14 months prior to 06/30/2003 say on 4/23/2002, then that policy would be included in both the 6 month persistency and the 13 month persistency. Writing Agent % / Count: percentage of polices in each date range still inforce / total number of policies issued for each date range. 10

11 Total Personal Production Data: Current Month: Personal Submitted and Placed Production for the current month. Current Year YTD: Personal Submitted and Placed Production for the current production year through the current month selected. Last Year YTD: Personal Submitted and Placed Production for the previous production year through the current previous month selected. Last Year End: Personal Submitted and Placed Production for the previous Year End. Life Policy Count: Sum of current Personal policy count for Life only. Life Ins PC: Sum of current Personal production credit for Life only. Total PC: Sum of all other Personal production credit. Policy Count: YTD Not Taken: Sum of current Year-to-Date Personal Not Taken policies. YTD Not Lasped: Sum of current Year-to-Date Personal Lasped policies. YTD Not Declined: Sum of current Year-to-Date Personal Declined policies. YTD Not Incomplete: Sum of current Year-to-Date Personal Incomplete policies. YTD Not Cancelled: Sum of current Year-to-Date Personal Cancelled policies. 11

12 Production Credit: YTD Not Taken: Sum of current Year-to-Date Personal production credit for Not Taken policies. YTD Not Lasped: Sum of current Year-to-Date Personal production credit for Lasped policies. YTD Not Declined: Sum of current Year-to-Date Personal production credit for Declined policies. YTD Not Incomplete: Sum of current Year-to-Date Personal production credit for Incomplete policies. YTD Not Cancelled: Sum of current Year-to-Date Personal production credit for Cancelled policies. Total Writing Agent Inforce Premium Data: Life Premium: sum of personal life premium that is inforce for the selected date range. Other: sum of all other personal premium that is inforce for the selected date range. Total: Personal Life Premium + Personal Other = Total Note: Paid up traditional policies are not included in inforce premium. 12

13 Agent Commission Balance Recap Data: Unit Data This sections includes an agents personal commission plus the sum of sub-agents commissions. It is split by agent numbers that are active and terminated. 75% of Remaining 1 st Year: 75% of the remaining first year commissions that the agent and sub-agents have vested for the month selected. 50% of Vested Renewal: 50% of the Vested Renewals that the agent and subagents have vested for the month selected. Potential Earnings: (agent and sub-agents) 75% Remaining 1 st Year + (agent and sub-agents) 50% Vested Renewal = (agent and sub-agents) Potential Earnings. Debit Balance: (agent and sub-agents) Beginning Balance + (agent and subagents) Total Earnings (agent and sub-agents) Charges (agent and subagents) Cash Flow = (agent and sub-agents) Ending Balance Total Unit Persistency Data: Persistency Rules: Unit Persistency includes Personal and Overwrite inforce policies that are not taken of free look policies. Persistency will include the base coverage and any increases to the base coverage. No riders will be included in this persistency. Persistency will only be done for Traditional, ISL, UL, VUL, and Disability Income policies. The base coverage must have a ratebook of TD, UL, VU, or DI to be considered for persistency. Currently each persistency range will be for 36 months. 13

14 The persistency counts for each persistency range will take into account any splits. 6 Month Issue Date: Go back 6 months to get the ending persistency date then go back 36 more months to get the starting date. A calculation is then performed to determine what percentage of these polices remained inforce for 6 months. Example of report run on 06/30/2003: 6 months prior from 06/30/2003 would be 12/31/2002, this would be the ending persistency date, going back 36 months prior from 12/31/2002 would make the beginning date 01/01/2000. The 6 month persistency range would be 01/01/2000 through 12/31/ Month Issue Date: Go back 13 months to get the ending persistency date then go back 36 more months to get the starting date. A calculation is then performed to determine what percentage of these polices remained inforce for 36 months. Example of report run on 06/30/2003: 13 months prior from 06/30/2003 would be 05/31/2002, this would be the ending persistency date, going back 36 months prior from 05/31/2002 would make the beginning date 06/01/1999. The 13 month persistency range would be 06/01/1999 through 05/31/ Month Issue Date: Go back 25 months to get the ending persistency date then go back 36 more months to get the starting date. A calculation is then performed to determine what percentage of these polices remained inforce for 25 months. Example of report run on 06/30/2003: 25 months prior from 06/30/2003 would be 05/31/2001, this would be the ending persistency date, going back 36 months prior from 05/31/2001 would make the beginning date 06/01/1998. The 25 month persistency range would be 06/01/1998 through 05/31/2001. Note: Since the persistency span is 3 years (36 months) it is possible that a policy could be included in multiple persistencies. For instance, in the above example, if a policy was issued 14 months prior to 06/30/2003 say on 4/23/2002, then that policy would be included in both the 6 month persistency and the 13 month perrsistency. Writing Agent % / Count: percentage of polices in each date range still inforce / total number of policies issued for each date range. 14

15 Total Unit Production Data: Current Month: Unit Submitted and Placed Production for the current month. Current Year YTD: Unit Submitted and Placed Production for the current production year through the current month selected. Last Year YTD: Unit Submitted and Placed Production for the previous production year through the current previous month selected. Last Year End: Unit Submitted and Placed Production for the previous Year End. Life Policy Count: Sum of current Unit policy count for Life only. Life Ins PC: Sum of current Unit production credit for Life only. Total PC: Sum of all other Unit production credit. Policy Count: YTD Not Taken: Sum of current Year-to-Date Unit Not Taken policies. YTD Not Lasped: Sum of current Year-to-Date Unit Lasped policies. YTD Not Declined: Sum of current Year-to-Date Unit Declined policies. YTD Not Incomplete: Sum of current Year-to-Date Unit Incomplete policies. YTD Not Cancelled: Sum of current Year-to-Date Unit Cancelled policies. 15

16 Production Credit: YTD Not Taken: Sum of current Year-to-Date Unit production credit for Not Taken policies. YTD Not Lasped: Sum of current Year-to-Date Unit production credit for Lasped policies. YTD Not Declined: Sum of current Year-to-Date Unit production credit for Declined policies. YTD Not Incomplete: Sum of current Year-to-Date Unit production credit for Incomplete policies. YTD Not Cancelled: Sum of current Year-to-Date Unit production credit for Cancelled policies. Total Unit Inforce Premium Data: Life Premium: sum of Personal and Overwrite life premium that is inforce for the selected date range. Other: sum of all other Personal and Overwrite premium that is inforce for the selected date range. Total: Personal and Overwrite Life Premium + Personal and Overwrite Other = Total 16

17 Unit Minimum Production Report Features Alerts managers of any agents with no production credit for a specific date range. Requirements for Agents Appearing on Report Placed Production = 0 for Date Range Selected. Minimum Contract Date for one or more active agent numbers is less than 12 months. Any agents with Personal or Unit Submitted Production and no Personal or Unit Placed Production will also appear on this report. Running a Report When selected the Unit Minimum Production Report will default to most recent dates available. This report uses the following date selections: 3 Months Prior + Current Month 6 Months Prior + Current Month 12 Months Prior + Current Month Examples: 12/01/ /15/ /01/ /15/ /01/ /15/2003 The initial sort for this report will default by the agent s last name, first name. 17

18 To Generate a New Report 1) Select a new date range from the drop down option 2) Select the type of sort if different than agent s Last Name, First Name. 3) Select the Run Report button. 18

19 Manager Financial Warning Report Features This report is used by Managers to alert them of any reps within their hierarchy with insufficient collateral in their accounts. This is the easiest way to monitor the Financial Summary of both active and terminated agents with a debit balance shortage and total persistency of less than 80%. Requirements for Agents Appearing on Report Agents 13 month persistency is less than the % specified. Agents potential earnings is less than their debit balance Debit balance must be greater than $100 Notes: The data displayed is for all agent numbers for the agent name(s) displayed. If an agent currently reports to a manager other than you an asterisk will be placed in front of the agent s name. Example: **Agent, Name Please contact Contract Admin if more details are needed. Running a Report When selected the Managers Financial Warning Report will default to the last Horizon cycle date for active agents. A report for Terminated agents may be generated by selecting Terminated from the drop down menu. The initial sort for this report will default by the agent s last name, first name a new sort may be done by selecting a new option from the drop down menu. 19

20 Report Columns The following are definitions of each column heading: WA 13-MO Persistency / Policy Cnt: Total number of the Personal Polices Inforce for the 13 Month persistency period divided by the total number of policies issued for that persistency period. Note: For the Agent Name appearing in the left-hand column. Unit WA 13-MO Persistency / Policy Cnt: Total number of the Agent Unit s Polices Inforce for the 13 Month persistency period divided by the total number of policies issued for that persistency period. Note: For the Agent Name appearing in the left-hand column. Note: Persistency will take into account any splits. 75% of Remaining 1 st year: 75% of the agents potential 1 st year personal commissions. 50% Vested Renewal: 50% of the agents potential personal vested renewals. Total Potential Earnings: The sum of 75% of Remaining 1 st year and 50% Vested Renewal. Debit Balance: Current personal ending balance for the last date reports were generated. Personal Production: Sub YTD: YTD Submitted Personal Production Credit, rounded to the whole dollar. Placed YTD: YTD Placed Personal Production Credit, rounded to the whole dollar. Sub/Placed Ratio: Placed YTD Personal Production Credit / Submitted YTD Personal Production Credit, rounded out to 3 decimal places. 20

21 Unit Production: Sub YTD: YTD Submitted Unit Production Credit, rounded to the whole dollar. Placed YTD: YTD Placed Unit Production Credit, rounded to the whole dollar. Sub/Placed Ratio: Placed YTD Unit Production Credit / Submitted YTD Unit Production Credit, rounded out to 3 decimal places. 21

22 Examples of Desirable and Undesirable Accounts Desirable Account This is a desirable account because the Remaining 1 st Year Earnings is greater than the Current Ending balance, and Total Persistency is within the normal range. 22

23 Undesirable Account This is an undesirable account because the Remaining 1 st Year Earnings is less than the Current Ending balance, and Total Persistency is less then the allowable range. 23

24 Misc. Charges Detail Report Features Provides a detailed break down of the charges that make up the miscellaneous sharge amount on the Agent Financial Summary report. This information available at a REP ID level and an Agent ID level. 24

25 Definition of Report Data To Generate a New Report 1) Select a Date Range: Current month-end. Previous month-end. December month-end. The date range on the page when first accessed is the date from the Agent Financial Summary Report. Misc. Charges Detail - Current Month & YTD Date: date the miscellaneous charge incurred. Adjustment Code: code used within the Commissions system to identify the type of miscellaneous charge. Description: miscellaneous charge description Charge: amount of charge incurred Download List button: allows the list of miscellaneous charges to be down load into an Excel spreadsheet. Total: total amount of miscellaneous charges for the time period specified. This amount should match the Misc. Charges Amount on the Agent Financial Summary Report. 25