Reconciliation ·
How to Reconcile Insurance Commission Statements
Insurance commission reconciliation is the process of checking what your agency expected to earn against what carriers actually paid. It sounds straightforward until statement formats, policy changes, timing differences, and chargebacks pile up.
Start with two reliable records
Gather the carrier statement for the period and your agency’s expected commission records. At a minimum, match policy identifiers, carrier, insured or account reference, commission amount, and payment period. Check whether the carrier reports gross or net commissions so you are comparing like with like.
Normalize before comparing
Carriers may label the same fields differently. Standardize policy numbers, dates, producer names, and currency amounts. Keep negative adjustments as negative values rather than silently dropping them.
Match, then investigate exceptions
Compare each statement row with the expected amount for the corresponding policy and period. Separate missing payments, unexpected payments, and amount differences. Some exceptions reflect legitimate endorsements, cancellations, or timing changes; others need carrier follow-up.
Document every resolution
Record the original expected amount, paid amount, variance, supporting statement, and the reason for any adjustment. Keep unresolved items visible until they are addressed rather than forcing a report to balance.
Repeat consistently
A repeatable monthly workflow helps agencies identify trends and avoid rebuilding their process every time a new carrier statement arrives. SplitVerde is designed to support statement imports, review, and expected-versus-paid reconciliation.
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