Radius just launched our Expanded Commissions & Renewals Calculations by Product within Radiusbob.com. After launching Live June 1st, a number of Radius Agents had asked us to expand upon the way Radius calculates Commissions & Renewals and did we ever. Now when creating a product within Radius you have four options on how to set up your Commission Structure by Product

1. Flat Fee Commission
2. Variable Percentage of Premium
3. Standard Percentage of Premium
4. Commissionable Premium

At launch, Radius was only calculating ‘Flat Fee Commissions & Renewals’, but no matter what line of business you sell, Life, Health, Final Expense, Annuities, Property & Casual or Supplemental, you can create endless products with various commission structures within Radius. But we think the best part is the ‘Override’ feature that will allow you to modify the Commission & Renewal at the Lead and Client Level. After creating the product, if you want to use a ‘Default Premium’ for your products you can and if a special circumstance comes up, then you can modify it at the Lead or Client level which will only be specific to that Lead or Client.

Flat Fee Commission
Example: You sell MedicareAdvantage and are always paid $300 Per Application and $200 Per Renewal.
Commission = $300
Renewal = $200

Variable Percentage of Premium
Use this if your Commission and Renewal Percentage of Premium are ‘Consistent’, but the Premium Varies by Lead and Client.

Example:You sell Life & Health products that pay 10% Commission of Premium and 8% on Renewal

Premium = $400 / Month
Commission = 10% / Month (Radius displays a Potential Commission of $480)
Renewal = 8% / Month  (Radius displays a Potential Renewal of $384)

We built in the ‘Default Premium’ which is used how the ‘Standard Premium’ on the product. But as we know, once a beneficiary has completed the application, the premium can change based upon age, gender, health, etc. So at the Lead and Client Level, we gave Radius user the ability to change the Premium which Radius Auto Calculates a new Commission & Renewal total. Very Cool.

Standard Percentage of Premium
Example:You sell Medicare Supplement Plans and while the Premiums are consistent by Plan Name, the Commissions and Renewals have Tier Years Built into payout structure.

Plan F Premium = $153 / Month
Commission = 10% Years 1-3 (Radius displays a Potential Commission of $183.60)
Renewal = 8% Years 4-6 (Radius displays a Potential Renewal of $146.88)

Commissionable Premiums
Example: You sell Property & Casual and for each policy there is a Premium and a Commissionable Premium and you are paid on the Commissionable Premium

Policy Premium = $200 / Month
Commissionable Premium = $150
% of Premium = %8 (Radius displays Potential Commission of $144)
% of Renewal = %6 (Radius displays Potential Renewal of $108)

As you can see, we have taking our time, heard feedback from a number of agents through out the process. We actually got to about 75% completion and went back to the drawing  board to incorporate even more feedback into our final solution. Thank you to everyone whom helped us get to this point, both internal and external folks, this is ground breaking because there is NOTHING like this being offered to Insurance Agents within in a Lead Management + CRM Software.