FAQ ID # 79 - How do I set up my insurance companies?

Answer / Solution

You must have information about Insurance Companies setup properly to take advantage of InsurancePro. InsurancePro uses this information in many different reports, forms, and also uses it to calculate your Agency’s Commission. Therefore, in order to get correct Business Reports, it is vital that you setup your Insurance Companies properly.

Note: You cannot add information about a client until there is at least one company added in your list of Insurance Companies.

You can access Company Setup Screen from Manage Agency option or Agency Settings dropdown from the Main Menu screen.

The Insurance Company Information Screen:

All the Companies currently entered in the database will be listed, and when you select one from the list, the detailed information about the company is displayed. From this screen, you can:

Add / Setup new Insurance Companies
View / Edit Information about Current Companies
Delete Companies from database
Print Mailing Labels for a Company
Setup NAIC Codes
Setup Commission Percentages

To add a new company:

First click on the option to Add a new Company on the bottom left of the screen.
Enter the name, address, phone numbers and other information about the company in the text boxes provided.
Fill in all the fields properly and carefully.
Once all the information is entered, you can click on Save to store the information about the company or click on Cancel to disregard any information entered.

InsurancePro has many intelligent features that enable the program to automatically enter information for you rather than you having to type them. A few of these options can be set here. You can tell InsurancePro about the following:

Specify a Company as General Agent to let InsurancePro know that this is not an actual Insurance Company, but a secondary brokers. When you enter a policy for a company who is a General Agent, you will get the option to add the Actual Insurance Carriers.
How the Agency collects commissions from each Insurance Company. You have the following two options:
How the Agency sends payments to the Company. You have the following three options:
How the Insurance Company calculates Agency Commission: You have the following two options:

All this information will enable InsurancePro to make smart choices and automatically fill in many fields for you when you are entering payment information. For example, InsurancePro will know whether to automatically deduct or not to deduct the commission due from the down payment whenever a check is written to a company after receiving payment from a client. When writing a check to a company, InsurancePro will know whether to use the next check number, or to enter the payment as Direct Debit. Also, InsurancePro will know exactly how to generate your commission statement.

Notes Tab:

You can enter notes/memos for a selected Insurance Company to help you keep track of things.

Documents Tab:

InsurancePro also allows you to scan or attach documents associated to Insurance Company. For example, you can use this feature to scan in commission statements.

A Note about Company’s Website:

If the Insurance Company’s website address is provided to InsurancePro in this screen, InsurancePro will display a link to the Company’s website whenever you pull up information about a client that belongs to that particular company