This is a report available via the insights module, under the Sales section of reporting.

 

Partner Policies report has been modified, including a name change FROM Partner Policies with Referral Fees.

 

This report now includes policies that have any code used within the term of the policy.

 

The reports consists of 4 pages: 

 

Page 1 - Referral Fee Summary (previously called Summary)

Page 2 - Transactions with Referral Fees (previously called Referral Transactions)

Page 3 - Payments with Referral Fees (previously called Referral Payments)

Page 4 - Partners policies with Discount - NEW Page! 

 

 

 

• Report containing the details of policies that are in the partner referral fee program.
• Slicers view transactions or payments.
• 3 pages to the report including a summary.
• Can view written premium & average written premium per policy, per partner.
• Report is refreshed every Sunday. 

 

 

 

 

 

 

From the Referral Fee Summary page, the Referral Transaction Summary (left side visual), you use the scroll bar at the bottom, like here:

 

 

Scroll to the right to see more columns of data including Written Premium and Average Written Premium. 

You can see it under the Totals tab, Per % of commission tab or Flat fee tab. 

 

 

 

 

 

 

 

 

 

 

 

• In the image below you will see that transactions for referrals are on the left side visual and the actual payments that have been processed and paid to the referral partner are on the right hand side.
• You can drill down by year and month or day to see past payments made. 

 

 

 

 

• Page 2 and Page 3 of the report show this data.
• Click on either Transactions with Referral Fees or Payments with Referral Fees page. 
• Either report page provides a granular display of data for both categories. 
• Provides transactions and payments report in a similar way to the Payment and Transaction report used in accounting.

 

 

 

 

In these pages we can see:

 

• You can scroll horizontally to view more columns to the right.
• It shows the Referral fee amount.
• You can see the Fee Type (commission % or flat fee).
• Payment status is shown.  If 'yet to be scheduled' this is because the job that occurs in the back end of the platform hasn't yet processed the payment for this fee to the referral partner (they are automatically scheduled based on preset). There is generally a delay to ensure the policy doesn't cancel before a certain time and the fee is paid and may be harder to claw back.  
• On the Referral Payments page, there is a column for Payment Date, which is the date that the Referral fee payment was paid to the Referral Partner (business, group or individual is also shown on that report). 

 

 

This page of the report allows you to view the policies that have a code attached to them (for example, referral partner or user), and differs from the other pages as it shows where a code has been applied irrespective of whether a REFERRAL Fee has been paid.

 

Use this report to:

 

• View a list of referral codes applied.
• View a list of partners set up in podium.
• Primary Insureds Age for policies with referral codes.
• Referral Fee Owed to Partner (if applicable).
• Discount applied to the policy (if applicable).
• Policy Types
• Retention of policies with codes used *.

 

*  We want to clarify that the general retention of policies will still be found in the “Retention Analysis” however this is how the retention rates will differ in this report:

Retention of discount codes.

•  For example, a policy can new in 2019, and be on its first renewal term in 2020 (2020 retention of 100%), but may be using a new discount code for the first time (2020 retention for the code is 0%, despite the policy being renewed and 100% retained for that year)

Retention of partner relationships
   - For example, you have Chris and John, who both work for Chirp Property Managers (a partner). Chris has a code and John has a code. On a 2018 new, the customer uses Chris' code. For the 2019 renewal, the customer removes his discount code and inputs Johns code. The 2019 retention rate for Chris' specific discount code will be 0%, but the 2019 partnership retention will be at 100%.

 

The report explained

 

This page is split into 2 sections:

 

• 1. Retention Rates
• 2. Table Slicers (these slicers do NOT interact with the Retention Rates above).

 

Shown here:

 

 

 

You will be able to view the partners with a code on the left side.

You will be able to view all the codes set up on the right side.

You can click on any of the results shown in this table to view the respective retention rate, like here:

 

 

 

After clicking on 'Select discount code'   will allow you to drill down to view the retention results for that specific code, like here:

 

 

 

Rules about the retention rates within the report

 

If a partner policy has a code on it and the policy is flat cancelled, the policy is considered as NOT retained.

If a partner policy has a code on it and the policy is cancelled within 30 days, the policy is considered as NOT retained.

 

You can then get more granular with those codes by slicing by that code in the Table Slicers section of the report to see those that have a status of Cancelled, for example. See the next section called ' Table Slicers'.

 

 

 

 

You can slice by a number of options here and you can view the more granular policy information, shown here:

 

Policy number

Primary Named Insured

Policy Effective Date

Transaction Effective Date

Policy Status*

Property Risk Unit Number - NEW SEPTEMBER 2022*

Property Risk Street Address - NEW SEPTEMBER 2022*

Partner

Partner Primary Contact

Discount Code

Referral Fee Owed (to partner)*

Policy Fee Earned (by broker)*

Maximum Entitled Discount on Policy Fee*

Premium % Discount

Written Policy Fee

Written Premium

Primary Named Insured Age

Policy Type

Discount Indicator*

 

*Some of the above options are defined in more detail below

 

 

Property Risk Unit Number  & Property Risk Street Address - NEW SEPTEMBER 2022

 

• This enhancement allows you to sort/slice by first line of risk address, thereby providing you with a list to export to referral partners, if required. 

 

 

To ensure that you are capturing all addresses using this report, here is a couple of tips:

 

• Use the Property Risk Address slicer to find the address that you need.
• Type in a piece of the address and check off all the different formats that the address might be in, like here:

 

I typed in the word nickle, and all units and addresses with that included will be found.

 

 

• You could also click on the column and the hierarchy slicer to see the addresses in order, like here:

 

 

 

• Sometimes the unit number column might show the entire address, which is wrong, but is how the address has been put into the platform in bond. Therefore include this column too to ensure all required addresses are included in any report that you might pull.

 

Policy Status

The policy status sometimes changes during a policy term (e.g., an endorsement applied, or a policy is cancelled, then reinstated) and each of these changes are recorded in the database. 

Since codes are applied at the policy status level, all statuses per policy number are included in this table.

In this example below, the first row shows the policy status as New, and the code column is empty (no discount code applied), the second row shows the policy status as Change, where a code was added (redacted).

 

In this example below, the policy was New, (code column is blank), and one was added later using the Change policy (so a code was added):

 

 

 

Referral Fee Owed

This is the Referral Fee owed to the Partner or the one what has been paid to the partner.

 

Policy Fee Earned

The fee earned by the broker, (if applicable). The sum of this column is the total policy fee of what the brokerage has earned.

In this example below,  $10 went to the Partner and $20.00 was earned by the broker.

 

 

Maximum Entitled Discount on Policy Fee

This is the Policy Fee that is configured in the platform for that Policy Type to receive from that code.

In this example the Fee is configured at $100 for that Policy Type and the broker discounted it all.

 

Discount Indicator

 

Not all codes are set up for a discount or are a partner code but instead a user, like a customer referral or broker, so you can slice between those options if needed.

 

This slicer allows you to view the policies with different types of codes used. 

Here is an example, but more options may display if there a more variables set up for your codes.

 

Information in the table

 

This section of the report will provide all 'versions' of the policy where the code was used.  This does not mean that the code was used multiple times, it just means that a change or cancellation occurred on a policy where a code was used and the report pulls the data into this report as it related to the use of a code. So,  to see policies with the status of New or Renewal, would pull through only that information, if that is what you wanted from the search.

 

 

From the above example, you can see that there are 3 times that the code MAY have been used, but only 1 policy and only 1 renewal would be 'Expected' to view whether it was retained the next year.

 

Example : 

 

In this test broker example, we can see some data on policies where a referral partner gave a code out, how much policy fee and written premium we got and where a particular code was used, for example:

 

1. We sliced the date to just January 2022.

2. We sliced by one specific code only.

3. We can then see that we paid $0 Referral free to a partner.

4. We earnt $122.19 from Policy Fees on policies that used that code.

5. Wrote $11,728 of written premium, from that code (or from the referral partner).

 

 

Example: 

 

In this example, we have sliced by Transaction Effective date and Code and we can see that these are three separate policies with a New status:

 

 

1. For this code, there is no referral fee paid to a partner (all $0).

2. Policy Fee earned is $25 (sum of this column).

3. Maximum Entitled Discount on Policy Fee for each of these policies is $25, $100 & $25, respectively.

4. There was no premium discount provided with this code (values show 0.0, NULL, and 0.0, respectively.).

5. The written Policy Fee was $25.

 

What we can establish from this example is that Maximum Entitled Policy Fee is the Policy Fee discounts for each of the partner codes that were applied. The $100, $25, and $25, indicate the dollar amounts that are available to be discounted per code. 

So, looking at the first policy on the top line, we COULD have earned $25 on that policy, but since policy fee (earned by broker) is $0 and the Written Policy Fee shows as $0, the policy fee was entirely discounted.

 

 

What if the code was applied after the effective date of the policy?

 

If the discount code was effective on a different date, (say the code itself only became effective 30 days after the policy became effective on February 25).

Then the referral fee owed (to partner) column would still show as $0.

Maximum entitled Discount of Policy Fee would still show as $100.

The policy fee earned (by broker) calculation for the policy would be calculated as follows:

 

= $100 discount * ((365 - (Feb 25 2022 - Jan 25 2022 in days))/365 days

= $100 discount * ((365 - 31 days)/365 days)

= $100 discount * (334/365)

= $100 discount * 0.915068

= $91.51