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Insurance Billing - Premium Billing

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.

Please contact us to find out how Oceanwide's insurance software empowers your clients and agents to report risks against bound policies through an online agent portal.

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