This story was produced with support from the Howard County Economic Development Authority, which operates the Maryland Innovation Center and helps entrepreneurs and businesses of all sizes access the funding, guidance, and connections they need to grow in Howard County, Maryland.
Startup profile: Beyond Commissions
- Founded by: Nigel Knowles
- Year founded: 2022
- Headquarters: Columbia, MD
- Sector: Software
- Funding and valuation: $100,000 raised at an undisclosed valuation, according to the company
- Key ecosystem partners: TEDCO, Maryland Innovation Center, bwTech
Insurance companies often rely on independent agents to sell policies. Paying those agents, however, isn’t always straightforward.
Compensation is usually handled through complex formulas that combine things like commissions on new sales, renewal residuals and various bonuses. After years building custom software for life insurers, Nigel Knowles saw firsthand how those calculations could bog down accounting teams.
He launched Beyond Commissions in 2021 to replace manual methods — think complicated spreadsheets — with software that automates calculations to reduce the risk of costly payment errors.
“Basically, we’re making sure that they’re not paying incorrectly.”
Nigel Knowles, Beyond Commissions
“We’re bringing in auditability, we’re managing their risk,” Knowles told Technical.ly. “Basically, we’re making sure that they’re not paying incorrectly.”
The Columbia, Maryland-based company also serves wealth management and banking firms that contract with independent advisers. The focus, per Knowles, is on mid-market firms that have outgrown manual processes but lack the resources to build custom software.
“Somebody who’s internally figuring all that out on Excel,” Knowles said. “That’s probably our number one competitor.”
Beyond currently serves about 20 customers across the country. The platform operates as a subscription model to help smaller businesses afford the cost, which can range from $5000 to $10,000 a month.
The goal is to offset the cost of an employee. “We’re coming in — I won’t say replace people, but to displace people,” Knowles said. “So that they can go and work on other value-added opportunities within the company.”
While the core software remains consistent on the backend, it can be configured by industry. Life insurance companies, for example, often use the term “agents” for contractors, while wealth management firms use “advisers.” The platform adjusts to reflect that terminology.
Revenue data can be uploaded through APIs or entered manually. Beyond Commissions also offers a white-glove service, where the team uploads data on behalf of clients.
The platform does not process payments directly. Instead, it generates commission statements that are then sent to a company’s payroll department.
Beyond Commissions also plans to launch an app later this year for consultants to track their earnings.
Built out of consulting work
Knowles got his start in software development after nearly a decade in electrical engineering. He later joined LCG Technologies, a Baltimore-based consulting firm that builds custom software for clients.
He eventually bought out the firm’s owner and continued running projects for clients. Although the consultancy initially focused on healthcare, it eventually pivoted toward life insurance, where Knowles learned about the challenges of calculating commissions.
In that work, he built custom software for large insurance groups including F&G Life and Libra Insurance Group.
But he quickly realized only companies with deep pockets could afford bespoke systems. That led him to spin out Beyond, targeting mid-market firms with a more flexible subscription model.
Still, getting the word out has been a challenge, Knowles said. And consolidation through mergers and acquisitions in the life insurance sector has pushed out some of the company’s smaller clients.
“A lot of our business comes through word of mouth and referrals,” Knowles said.
