Receivable management

We have substantial amount of experience in providing back-office support for insurance receivable management. We record and maintain collections, issue receipts, cash applications and invoices from all line of business.

We reconcile the counter party statement of accounts with the books of accounts of the customers and provide accurate reconciliation statement which helps you to have proper control on the receivable. Also, our services include cash application of collections from the customers by allocating to the respective invoices.

An overview of our Receivable management services

• Effective follow up: – We follow up with email reminders to ensure timely collection of debit notes. Our insurance experts establish an efficient channel of communication between you and your customers.
• Dispatch of Reminders: – We reach out to your customers with details of the insurance premium amount payable. Further details like date and mode of payment are included as well.
• Statement of accounts (SOA) generation and communication of SOA’s to customers as per agreed frequency
• Receivables / Payables reconciliations for counter party accounts of insurance companies, direct customers, reinsurance accounts, and brokers etc
• Coordination with internal departments and external counter parties to minimize the unreconciled transactions & unidentified bank credits
• Netting off agreed receivable & payable transactions and balances with brokers, direct customers, insurance companies and reinsurance companies
• Cash application of money collected from customers
• Maintain unapplied receipts balances within the agreed threshold and make sure it doesn’t increase compared to the last period
• Preparing accounts receivable reports based on analysis of accounts receivable by age, business segment, customer, etc.
• Preparation of receivable dashboards to the management