For an insurance agency to maintain an efficient business model, streamlined and improved cash-flow is critical, as is the requirement to present cohesive, precise, and timely bills to insurance carriers. Inaccurate and incompetent invoicing and accounts receivable methods not only lead to delinquency, but in certain cases, also lead to accrued bad debt.
Insurance brokers, therefore, require a partner who can effortlessly handle their billing and account receivable system so that they can focus on improving their customer service levels and revenue inflow. At Flatworld Solutions, we have over 15 years of experience in providing efficient and cost-effective insurance services to our clients. Our in-depth services for insurance billing and generating accounts receivable invoices enables our clients to painlessly deal with crucial financial functions which impact cash flow, and maintain a strong business model.
From completely accurate and efficient invoicing, to sending insurance payments reminders, receiving payments and recording them, maintaining and cataloging accounts receivable invoices, and extensively reporting on account activity, we ensure exceptional satisfaction and cost-savings for our global insurance clients.
Insurance Billing and Accounts Receivable Services - An Overview
We have provided enterprise-wide services for invoicing and streamlining account receivables to insurance agencies all over the globe, and have enabled them to take direct control of their expense ratios, payment collections and insurance premium accounting. Our comprehensive range of end-to-end business solutions for insurance agencies include the following -
Our insurance accounting professionals keep a regular track of the client's billing dates, and generate premium invoices in multiple formats including PDF and Excel, which is then delivered to the policy holders by email
We maintain an easily accessible record of all insurance premium bookings and other disparate charges for every policyholder, thus simplifying the procedure of retrieving important documents, as and when required
Our insurance billing experts help to generate monthly, quarterly or annually categorized invoices, and provide exhaustive billing period reports to insurance agencies. These reports include a comprehensive overview of all commission and tax details associated with each insurance policy
With the help of latest software and document indexing procedures, our insurance accounting professionals maintain a thorough record of all revenue streams for insurance agencies. This in turn simplifies the process for tracking accounts receivable, with additional capability for the management to query into individual payments and invoices, whenever required
As part of our services for insurance agencies, our insurance back office experts enter all account receivable transactions into the accounting system, as well as prepare and deliver periodic statements for the same to the policyholders
In order to simplify the cash application process, our insurance back office experts maintain subsidiary receivables ledgers, prepare account receivable report, direct the cash received to individual customer accounts and resolve issues regarding short pays
We also handle Accounts receivable deductions management (AR deductions management) services for our clients
Insurance Software we use
Our Billing and Accounts Receivable Process
With an experience of over a decade in providing specialized insurance services, we have a dedicated procedure set in place for handling accounts receivable and reporting services for our clients. Some of the highlights of the procedure we follow are -
Sending reminders and constant follow-ups for timely collection of payments
Receiving and recording payments
Checking if the premium installment on the insurance policy has been set up as per customer request
Reconciliation of accounts receivable and reporting
Maintaining archives as per the needs of our clients
Accounting Software We Leverage
At Flatworld Solutions, we believe in providing you with the best-in-class value for your investment. With our strict adherence to industry best practices and expertise in project management, we understand the importance of using leading-edge software to provide accurate and dependable results. At the same time, we have comprehensive measures in place to protect the confidentiality and privacy of our client's insurance data.
Our insurance accounting professionals are expert at handling the following finance and accounting software -
At the same time, our insurance process experts can also help in strategically integrating the above software with major global financial systems such as -
Benefits of Outsourcing Account Receivable to Us
By providing you with a cohesive and cost-efficient billing and accounts receivable system, as well as dedicated resources with vast experience in the insurance field, we assure you a streamlined reconciliation of your accounts receivable and reporting activities amongst other tangible benefits such as -
A consolidated system to ensure accurate and timely delivery of all invoices, including print, e-mail and other modes of electronic delivery
Improved operating efficiency and cash flow for accounts receivable processing, reporting and billing services, while leading to a marked decline in bad debt
Vastly improved service levels for customers, insurance carriers and insurance agencies through instant and up-to-date access of account information from universal repositories
Increased effectiveness through dedicated quality assurance processes to edge ahead of your competitors
Flexibility to scale up or down according to your organizations' requirements and size
Trained and experienced insurance service professionals
Regular monitoring of customer disputes and discrepancies, and professionally handling them based on severity
Reduced costs for DSO, billing support and other processing costs by up to 70%
Highly effective QA processes and a unique problem-solving approach which lead to a significant improvement in processing speed, flexibility and customer loyalty
A unique common web browser for effortlessly retrieving documents and data as and when required
Excellent AR deductions management services which drive you towards profitability and productivity by efficiently streamlining your receivables
Flatworld Solutions - Your Partner for Outsourcing Accounts Receivable invoices
For over a decade, we have delivered tangible results to global insurance businesses, ensuring a level of certainty and resourcefulness very few can match. We understand your insurance process outsourcing requirements, and design an inbound and outbound plan for managing your receivables and invoices based on your customer relationship strategy.
Contact us now to know more about our Billing and Accounts Receivable System and avail of the unique advantages only we can bring to the table.