We understand the importance to our customers of healthy cash flow. We also know how time-consuming and labour-intensive chasing payments can be. We can help by verifying payments, monitoring payment status and chasing overdue cash through the following activities:
- Open market credit control: we verify that payment hasn’t been made on the due date. We can then chase the appropriate broker contact and record a positive chase outcome when achieved. We can review activity and follow up as required.
- Notice of cancellations: where NOC provision applies, we can verify that payment hasn’t been made on the due date. We can then prepare the NOC letter and send it to the broker once it has been signed by the insurer. We can review activity and follow up as required – including cancelling the policy if required.
- Premium payment conditions: we verify that payment hasn’t been received around 5 days before the due date and then chase the appropriate broker contact. We can review again at an agreed number of days after the due date and prepare the documents needed to cancel the policy if payment still hasn’t been received.
- Expected accounts: we monitor due accounts for you – such as binder declarations and final premium adjustments. We can verify that payment hasn’t been made on the due date and then discuss status with the appropriate broker contact. We’ll record a positive chase outcome if that’s achieved, review activity and follow up as required.
- Aged debt review: we can provide an independent review of how much the insurer is owed and help work out the best way to recover the money.
- EPI /closed GAP analysis: we review closed premium amounts after the contract expires where the closed premium does not match the expected premium. We can work with the broker and insurer to identify reasons for the variance. We can modify the EPI where relevant in accordance with agreed tolerances. We identify contracts where the expected premium has not been paid in full, and chase any shortfall If required by the customer.
- Binder (Facility) earning pattern: we monitor incoming binder premium against the expected earning profile and then modify the profile within certain agreed parameters or referral to the insurer if required.