An accounting application for maintaining all records of premiums collection, fee and commission payout, claim reimbursements, and reinsurance reporting.
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.
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
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.
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)