Insurance Billing - Premium Billing
Oceanwide’s Insurance Billing module automates the premium billing process, reducing administrative costs and errors, improving cash flow and providing enterprise-wide transparency for invoicing, payments and receivables.
Insurance Billing Highlights
- Automatically generate invoices in PDF format, and send them by email to designated individuals within the assured or broker organization.
- Manage and track receivables, and drill-down as needed into individual invoices, payments and shipments.
- Calculate charges and taxes based on specific countries associated with the risk and the assured.
- Link to external credit card and electronic funds transfer payment systems to facilitate payments by users.
- Multiple integration options available with internal accounting systems.
Insurance Billing Functionality
- Automatically generates premium invoices in PDF format, Excel or through an internal accounting system which is then delivered by email based on specific client/policy rules and billing dates.
- Automatically calculates adjustments for storage and shipment declarations.
- Records individual premium bookings and miscellaneous charges.
- Calculates charges and taxes based on specific countries associated with the risk and the assured.
- Calculates TRIA premiums and numerous government and internal charges against premiums.
- Provides billing period reports, including commissions and taxes associated with each policy.
- Tracks accounts receivable; management system has the ability to query into individual invoices, payments and shipments.
- Supports Direct Bill and Agency Bill Invoice methods.
- Produces monthly, quarterly, semi-annually or annually branded invoices for brokers and underwriters for selected policies and present line item details.
- Choose to record payments against these invoices per line item or on complete invoices.
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