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High volume insurance sub-ledger

Developed in association with major insurance companies, Collections and Disbursements (FS-CD) provides efficient cash management by enabling you to handle receivables and payables quickly, precisely, and cost-effectively. This powerful capability is based on the following features:

  • Central sub ledger accounting allows you to perform all collections and disbursements processes across lines of business both in direct and broker collections. This not only gives you a central view of all policy holders, brokers, and other business partners, but it also allows you to optimize your collection and disbursement procedures and to improve customer service.
  • Central billing and collection interface for insurance-specific systems, such as Policy systems, claims payment systems, commissions systems, reinsurance, and coinsurance systems, means FS-CD has the necessary master data, booking data, and associated functions by dividing all receivable and payable tasks into either calculating or settling systems. As an insurer, you need to handle a high volume of master and transaction data.

FS-CD makes this possible, using automation whenever possible to minimize manual work. When you use large-scale parallel processing in mass data processing and have efficient processing architecture, the software will perform at many times the level of conventional accounts receivable solutions.
One of six main functional areas automatically posts data that is transferred from operational systems:

  • Automatic payment transactions allows you to make automatic payments in a variety of methods, including electronic credit transfers, debit memos, and checks, and they automatically process these returns.
  • Incoming payment processing and flexible clearing control functions use sophisticated and flexible clearing logic to sort incoming payments from the policy holders or premium payers according to specific criteria and assign them to the correct accounts. Payments that cannot be automatically assigned are pulled out for manual post-processing.
  • Processing dunning procedures can handle the specific dunning requirements of any country, type of premium, or line of business.
  • Calculating and posting interest from dunning and installment plan.
  • Besides direct collections, FS-CD supports broker collections and includes specific functions, such as broker settlement and an additional view of the general data set via the broker ac-count or broker contract.
  • Payment plans distribute premiums flexibly within freely definable periods. This allows you to fulfill settlement-specific requirements associated with products featuring a high-grade, flexible payment cycle, such as universal life products.