An accounting application for maintaining all records of premiums collection, fee and commission payout, claim reimbursements, and reinsurance reporting.
Ledger
Maintain a double-entry accounting ledger for tracking bank balances, claim funds, receivables and payables for each policy, treaty and reinsurer.
- Collect premium, record deposits and accomplish several tasks in one simple step, including calculations of unpaid premium due, commissions due and payable, and bordereaux reporting and reinsurance pay-out.
- Account for all receipts and cash disbursements, including interest and bank service charges for a complete accounting of all premium and claim funds
- Reconcile the bank cash accounts with the bank statement with an easy bank reconciliation
- Track unapplied premium and over/underpayments.
Invoices
Premium Accounting creates invoices and records deposits for Medical Stop Loss and Group Term Life policies.
- Automatically generate Invoices on the first of the month for all premiums due
- Report on premium due and age receivables
- Generate follow-up letters for due and unpaid premium by individual group or for all groups for a producer
- Invoice and collect additional fees (fees other than premium) along with the reinsurance premium
Payables
Accounting creates payables from the premium collection process for all commissions, sub-producer fees, managing general underwriting (or administration) fees, carrier fees, premium taxes, overrides, and additional fees collected.
- Cut checks to pay commission and sub-producer fee checks from payables and include commission/fee statements.
- Cut checks to pay claim reimbursement and include an Explanation of Reimbursement.
- Calculate and payout all premium and claim bordereaux reinsurance reports in the closing process.
Bordereaux Reporting
Reinsurance premium and claims bordereaux reports are filed and closed with reinsurers and carriers, including:
- Specific Premium
- Specific Excess Layers (Excess of 1 Million)
- Specific Claims
- Aggregate Premium
- Aggregate Excess Layers (Excess of 1 Million)
- Aggregate Accommodation
- Terminal Extension
- Aggregate Claims
- Life Premium
- AD&D Premium
- Dependent Life Premium
- Supplemental Life Premium
All reports may be filed by Effective Date, State, and City (municipality)