What is a Comp Plan?
A comp plan defines how commissions are calculated and paid
on a policy. It tells the system when, how much, and under what conditions commissions should be earned. When importing policies into AgencyComp, users can either create a
full comp plan for accurate commission projections or use temporary plans for
faster setup. The best option depends on whether accuracy or speed is the primary
goal.
Option 1: Create a Full Comp Plan
This option reflects how commissions are actually paid and
provides the highest level of accuracy across all reports, including Pending
Business, Revenue Projection, Projected vs Actual, Missing Commission, and
Advanced Commission.
Pros: Accurate projections and reporting
Cons: Requires understanding commission schedules and
takes more time to set up
Option 2: Use Temporary Comp Plans
AgencyComp provides temporary plans for each commission
type. These plans allow users to quickly import policies and identify missing
commissions, with the option to refine plans later. By using our
Bulk Change tool, comp plans can be quickly updated in bulk.
Pros: Fast setup and minimal configuration
Cons: Less accurate projections
Recommendation
Use a full comp plan when accuracy matters. Use temporary
plans when your primary goal is to quickly identify missing commissions.