Video Published May 2020

Overview

When commission files are processed by CommPay, the system attempts to match commission income with clients in CWT. Unmatched commissions sit in suspense until a CommPay administrator manually links payments to clients. Payments are matched using the policy/account number listed on the commission file from the Supplier.

The matching processes can be assisted by lodging expected payments, such as new insurance policies or portfolio commissions, within CWT. CommPay compares the lodgement details with incoming payments and automatically matches commissions to clients. This prevents new commissions being unmatched and set to suspense.

Once an expected payment has been lodged, revenue estimates will be created and displayed in the Lodgement Details page. These estimates can be edited or removed, and additional estimates can be manually added.

Lodgement

Once you are in the clients profile in CWT, first click on CommPay from the left menu, then the Lodge button on the top right hand corner:

You will then be taken to the CommPay Lodgement screen (as per below) where you are required to complete the listed criteria with some things to take note of below:

The referral details have to be consistent in the Account and Referral fields
Change the Status to “Lodged” if you know the EXACT Policy/Account Number, otherwise leave it as “Pending” and come back when you have the policy number. Most of the providers (e.g. Clearview LifeSolutions, AIA) have the same policy number on the confirmation sent to you and the commission statement, however some (e.g. CFS, Onepath) do not. It’s best to check an existing account for another client to see what the commission policy number looks like compared to the confirmation sent by the Provider.
Check the Supplier on an existing policy/account as well to ensure the new lodgement matches. Some suppliers appear multiple times in this list.
If you can’t find the Product in the list, select “Unknown”
Premium Amount and Frequency is required if an estimate is going to be loaded

The Premium Term is how long the premiums of the policy are expected to continue, this is not necessary so can leave as 0.

Click Save once completed

Estimates

After you have saved the lodgement, you will be taken to the below page where you will now see an Estimates tab:

Click on Add to enter in the estimates you would like calculated. This can be done for either “New Business” or “On-Going” by selecting these options from the Main Revenue Type field:

The Estimated Revenue Amount can either be entered manually or calculated based on the percentage which can be added in the Est. Revenue (%) field.

To show a running list of the “On-Going” estimates, change the Create Records selection to “Series” which then prompts the From Date and To Date fields to appear.

Once you have entered in all the information, Click OK to generate the estimates or Save And New if you would like to add any more:

Estimates Reporting

There is also the functionality to run an Estimates report through the CommPay main page CWT Home à Administration Functions à CommPay then click on Estimates

It is recommended to keep the filter option as “All” as this report shows the expected revenue

If there are multiple Advisers in your practice, you can select either a particular Adviser to run the report for, or by clicking on you can select to run the report against multiple Advisers.