Comprehensive Insurance Broker Company Management System for Odoo ERP

Integrated Insurance Broker Company Management for Odoo

Odoo ERP for Insurance Brokerage and Commission Automation

This module is developed as a complete Insurance Broker Company Management solution in Odoo ERP. It is specifically designed to streamline and automate the end-to-end workflow for Insurance Broker Operations, ensuring seamless data flow, accuracy, and transparency across all related business documents and financial processes.

The module is tightly integrated with the CRM, Sales, Accounting, and Insurance applications in Odoo. When a CRM Lead is created, users can define the Broker and Insurance Company. These values are automatically propagated through subsequent stages including Estimate, Quotation, Invoice, and Payment ensuring consistent linkage between all related records.

From the CRM stage, users can directly create an Insurance Record. When the insurance is created, the system automatically assigns the associated Broker and Insurance Company, and computes the Expected Commission based on the defined Commission Rules. These rules determine commission rates according to parameters such as Policy Type, Company, and Commission Percentage.

The module also manages the full Commission Payment Flow, from the calculation of expected commissions to the creation and tracking of actual payments once the policy or invoice is approved. This ensures accurate, automated, and transparent handling of broker commissions at every stage of the insurance and accounting lifecycle.

Key Features of the Insurance Broker Company Management Module

1. CRM to Payment: End-to-End Broker and Insurance Company Integration

• CRM-Level Setup : Define the Broker and Insurance Company directly within the CRM record to establish the foundation for automated propagation throughout the entire workflow.
• Estimate Creation : When an Estimate is generated from the CRM, the associated Broker and Insurance Company are automatically linked to the estimate for data consistency.
• Quotation Generation : On converting an estimate into a Quotation, the same Broker and Insurance Company are carried forward automatically, ensuring seamless data continuity.
• Invoice Creation : When a quotation is converted into an Invoice, the linked Broker and Insurance Company details are automatically assigned to the invoice record.
• Payment Synchronization : Upon payment processing, the system automatically assigns the relevant Broker and Insurance Company to the payment record, maintaining full traceability throughout the financial flow.

2. Automated Insurance Creation from CRM

• Insurance Generation : Create an Insurance Record directly from the CRM with automatic assignment of the associated Broker and Insurance Company.
• Expected Commission Computation : Upon insurance creation, the system automatically calculates the Expected Broker Commission based on the configured Commission Rules.
• Streamlined Integration : The created insurance record maintains a direct relationship with the CRM, ensuring complete operational and financial linkage.

3. Automated Broker Commission Configuration

• Flexible Commission Rules : Define Broker Commission Rules based on parameters such as Policy Type, Insurance Company, and Commission Rate, aligning with the broker’s contractual structure.
• Dynamic Rule Linking : Automatically associate each Insurance Policy with its relevant commission rule for instant and accurate commission computation.
• Auto-Calculation Engine : The Expected Commission is dynamically calculated using the Insurance Amount and Commission Rate defined in the rule, minimizing manual intervention.

4. Transparent Commission Management and Tracking

• Unified Commission Visibility : Each insurance record displays key commission information, including the Broker, Insurance Company, and Commission Rule, ensuring full operational transparency.
• Workflow-Based Updates : As the insurance record moves through its workflow stages, the commission details are automatically recalculated and updated.

5. Automated Commission Record Creation

• Approval-Based Record Generation : Once an insurance policy is approved, the system automatically generates a Broker Commission Record with all required data prefilled.
• Centralized Management : All commission records are organized under the dedicated Commissions Menu for easy monitoring and control.

6. Commission Invoicing and Payment Flow Automation

• Instant Invoice Creation : A Create Invoice button on the commission form allows quick generation of invoices for broker commissions.
• Commission Product Setup : Configure a default Commission Product under Settings : General Settings to be automatically used in commission invoices.
• Auto-Payment Status Update : Once the payment is completed, the system updates the Commission Status to Paid automatically.

7. Broker and Insurance Company Visibility on Customer and Claim Portals

• Customer Portal Integration : Display Broker and Insurance Company details directly on the Customer Portal for enhanced clarity and transparency.
• Claim Portal Synchronization : The same details are also shown in the Claim Portal, maintaining consistency across all policy and claim-related documents.

8. Visual Process Flow and Reporting

• Graphical Workflow Representation : Step by step visual representation of the complete process from CRM creation to final commission payment.

Module Navigation Menus:

• Commissions
• Configuration
  • Broker
    • Commission Rules
    • Client Types
    • Industry Occupations
    • Insurance Exclusions
    • Risk Categories
    • Safety Measures
    • Sum Insured Declared Values

CRM Form View : Automatically Generated Estimate Lines Based on Selected Insurance Policy

CRM Form View : With Risk Profile Tab

Clicking the Create Sale Estimate Button Creates a New Estimate and Automatically Sets the Broker and Insurance Company

Clicking the Create Quotation Button Creates a New Quotation and Automatically Sets the Broker and Insurance Company

Clicking the Create Invoice Button Creates a New Invoice and Automatically Sets the Broker and Insurance Company

Clicking the Pay Button Generates a Payment Record (Odoo Standard Flow) with Broker and Insurance Company Automatically Populated

Broker Commission Auto Generated Upon Insurance Approval Displayed in Commission List View

Broker Commission Form View With Create Invoice Button And Invoice Smart Button

Create Invoice Popup : Confirm Invoice Generation

Invoice Created from Commission Wizard : Broker and Insurance Company Field Automatically Set

Generated Payment (Odoo Standard Flow) : Payment Form View with Broker and Insurance Company Set

System Automatically Updates Broker Commission to ‘Paid’ Status Upon Payment Confirmation and Invoice Reference Linking

Clicking the Invoice Smart Button Displays the Generated Invoice Record

Broker Commission : Calendar View

Broker Commission : Graph View

Broker Commission : Pie Chart View

Broker Commission : Pivot View

Commission Rules Menu

Commission Rules: List View

Commission Rules: Form View

Client Types Menu

Client Types : List View

Client Types : Form View

Industry Occupations Menu

Industry Occupations : List View

Industry Occupations : Form View

Exclusions Menu

Exclusions : List View

Exclusions : Form View

Risk Categories Menu

Risk Categories : List View

Risk Categories : Form View

Safety Measures Menu

Safety Measures : List View

Safety Measures : Form View

Sum Insured Declared Value Menu

Sum Insured Declared Value : List View

Sum Insured Declared Value : Form View

Insurance Portal : Form View Displaying Broker Information

Claim Portal : Form View Displaying Broker Information

Insurance Pdf Report View Displaying Broker Commission Details

Claim Pdf Report View Displaying Broker Details

Contact / Support
Introducing Probuse Consulting Services Pvt. Ltd.

If you need any help or want more additional features, you may contact us through:
Email: contact@probuse.com
Website: www.probuse.com
Skype: mustufa_probuse