Overview
GreenWave is a commission management SaaS platform built for insurance distribution organizations, including general agencies (GAs), managing general agents (MGAs), brokers general agents (BGAs), and insurance management organizations (IMOs). The platform serves professionals across Life, Annuity, Disability, Long-Term Care, Health, Group Benefits, Medicare, and Medicare Supplement lines.
The platform handles end-to-end commission processing: importing carrier statements in multiple formats (ACCORD XML, CSV, TXT, PDF) via smartconnect technology, validating and reconciling payments, posting to general ledger via accounting system integrations, and delivering agent-facing portals for payment history and performance data. Role-based workflows support verification, approval, and posting steps across teams.
Founded in 2010 and headquartered in Greensboro, North Carolina, GreenWave processes over USD 6.4 billion in annual commissions tied to more than USD 108 billion in premiums. In April 2025, the company secured USD 1.5 million in commercial capital for growth and expansion. Research published in 2026 by the company indicates that insurance agencies lose an average of 18.3% of commission revenue to errors annually.
Products & Services
Commissions Management System
The core platform processes and validates insurance commissions for agencies and distributors. It ingests carrier statements through automated import workflows, reconciles payment amounts against expected commission grids, and posts validated data to downstream accounting systems.
Key Features
- Commission grid data management for multi-level downlines and complex structures
- Automated statement import via ACCORD XML, CSV, TXT, and PDF (smartconnect)
- Payment reconciliation and discrepancy detection against carrier data
- Check generation and trust accounting integration
- Role-based workflow for verification, approval, and posting
Target Users: GAs, MGAs, BGAs, IMOs, independent agencies
Agent Portal
A self-service portal giving agents and brokers access to their compensation data, payment history, and performance metrics without requiring staff intervention.
Key Features
- Commission statement viewing and download
- Product-specific performance analytics
- Payment status and history tracking
- Secure authentication
Target Users: Appointed agents and broker representatives
Reporting and Analytics
Management-facing reporting tools that surface commission trends, identify unprofitable accounts, and flag carrier discrepancy patterns.
Key Features
- Commission pattern analysis across carriers and product lines
- Identification of unprofitable accounts and service areas
- Carrier accuracy validation and discrepancy reporting
- Payment processing efficiency metrics
Target Users: Agency controllers, commission supervisors, management teams
At a Glance
- Founded
- 2010
- Headquarters
- Greensboro, North Carolina, USA
- Employees
- 11-50
- Funding
- Bootstrapped
Category & Focus
- Category
- Core Administration
- Subcategories
- Commission Management Payment Processing Agency Accounting
- Insurance Verticals
- Life & Annuity Health Group Benefits
- Target Customers
- MGAs/MGUs, Agents/Agencies
Customers
- Brokers Services Marketing Group
- Hallett Financial Group
- Garity (commission operations)
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Last updated: 2026-06-15