As policies are booked, cancelled, reinstated, modified, and renewed, the system tracks the premium charges and refunds in the Billing module. Invoices can be produced, received payments can be logged, and accounts can be tracked.
As policy transactions are bound, individual charges are created according to the selected payment plan. Additional charges can be created manually through adjustments.
Invoices can be configured to generate automatically, or can be created on-demand from selected charges. Invoices can be automatically emailed to the bill to party.
As payments are received and deposited, the bank receipts can be logged in the system. The receipts can be matched to invoices, put on account for the bill to party, or placed in suspension awaiting additional information. Receipts can be reversed or reallocated when necessary, while maintaining a history of transactions.
A range of reports are available, some of which include additional options for managing data and accounting.
•The Charges, Invoices, and Account History reports present the appropriate data with links to additional related records.
•The Aged Receivables report displays outstanding invoice amounts, grouped by age category.
•The Earned Premium report lists premium charges and calculates the earned amount up to a selected date.
•The Insurers Payable report details payable amounts due to the insurer companies.