I just received this from my CFO and figured that this would be the best place to ask...
We would like to know from brokers getting direct bill commission statements downloaded from the carriers the following:
- What problems they faced in setting the system up
- How it is currently working
- What type of discrepancies they encounter from various carriers and are any carriers a consistent problem.
The only problem we had was with the setup of a carrier that downloads commission as the client pays. This was a problem since we had already manually invoiced at renewal. As long as all your carriers pay you annually converting is actually very easy.
We don't always balance to the penny but it has never been off enough to warrent spending time on finding the missing ca$h.