|OUTSOURCED FUNCTIONS |
IPM professionals, whether employed by the user-agency or outsourced, are trained to perform the following premium management functions:
- Create premium data records;
- Invoice installment premiums and follow up on delinquent payments, if necessary (No direct contact with insureds, by phone or otherwise, is necessary);
- Invoice interim or installment audit premiums and reconcile final audits;
- Manage premium receipts and bank deposits;
- Reconcile company statements;
- Prepare remittance check vouchers;
- Manage earned commission transfer;
- Manage return net premium and commission reimbursements;
- Manage returned premium credit and refunds to insureds and finance companies;
- Prepare refund check vouchers;
- Manage personal funds maintained in the trust bank account;
- Generate and interpret financial solvency reports;
- Generate audit trails for trust ledger accounts;
All trust account processes are automated. Controls are in place to make sure the agency management is fully engaged in the decision making process, especially when an insured fails to send a premium payment when due or an agency disputes premium items listed on the company statement.
The software application is carefully designed to treat insureds with utmost courtesy and protect the client-agency from earned premium liabilities. The relationship with carriers is the systemís top priority.
IPM professionals will be able to provide reliable documentary evidence of trust account solvency to the agency management, carriers, auditors, or regulators.
Client-agency will continue to do the following as usual:
- Receive all premium payment checks from insureds;
- Make all bank deposits;
- Write all company remittance checks;
- Write all refund checks to insureds or finance companies.