Premium and commission funds must stay segregated. Asingle mispost can trigger regulatory flags and potential fines.
Tiered producer rates, sub-broker overrides, claw-backs, charge-backs—spreadsheet errors here hit staff morale and cash flow instantly.
Hours spent on manually keying invoices, bills, payment received and payments made for direct billing transactions
Mid-term cancels demand prorated premiums, fee reversals and GST/HST adjustments. Manual tracking is slow and error-prone.
Cross-border programs leave you juggling CAD, USD—and FX gains/losses if rates swing after binding.
Wasted time on scrambling through expense receipts and delay in reimbursement process through manual tracking
Monthly bordereaux must reconcile to trust ledgers. Bottlenecks here delay commission settlements from wholesalers.
Owners can’t see carrier mix, lapse ratios or true producer performance until weeks after month-end—too late to act.
Regulators and E&O insurers expect clean ledgers and documentation. Scrambling at audit time costs real billable hours.
