Sales splits functionality in Coverpath provides you flexibility in compensation arrangements and business practices that work best for you and your team.
- Producer compensation can be shared across different agencies (e.g. Financial Professionals in the split arrangement may be part of the same or different agencies)
- **As of 6/30/2020: Compensation can be shared between different roles (e.g. Career Financial Professionals can share compensation with Broker Financial Professionals)
- There can be a maximum of 10 split participants
- All Financial Professionals must have access to Coverpath
- Financial professionals must have logged into Coverpath at least once to appear in the split dropdown list
How it works:
Per case basis
- Begin your quote/app process as usual, then click Edit in the Producer Split section:
- Click Add Producer, then click into the Producer ID field:
- Select the financial professional from the dropdown list:
When you input a split, only advisors/brokers in your agency will show up in the drop down. If you are initiating a split outside your agency, use the Search Other Agents functionality highlighted above. If possible, search by AA number to avoid selecting the wrong advisor. Otherwise search by name.
If you don't see the financial professionals you need to select, make sure they meet the Key Criteria noted above.
For example, if they have not logged into Coverpath yet, they will not appear in the list. They need to login at https://coverpath.com, after which you need to wait 30mins, logout of Coverpath (hover over your name in the top right then select Logout) and login again, and they will appear in the list.
- Add the First Year Commissions and Renewal Year Commissions split percentages:
- Click Save
Set default commission split
If you have a standard sales split agreement with one or more team members, you can apply this split structure across all your Coverpath applications.
The same key criteria / eligibility requirements noted above apply.
You can change override the default split on a case level. See the instructions above for details on how to do this.
- Hover over your name in the top navigation and click Account Settings
- Click Edit in the Default Commission Split section as shown above
- Click Add Producer, update the split percentages, and click Save when done
Editing a Commission Split
You can edit a commission split any time prior to policy issuance.
- Go to the account center: click Cases in the top navigation menu
- Click the case in question to see its detailed view
- Click the Edit Commissions button:
- Note: Coverpath supports 0% FYC and RYC
- For example, let's say Samantha is splitting with David at 50% each for FYC, and they want RYC to be 100% Samantha (removing David fully by setting him to 0%)
- Click here for more general information on Compensation