02 — Capability · BC-1740.40
Premium Billing
Collect the right premium on time by the plan each policyholder chose, account for broker and agency balances, and pay producers their commission. General customer invoicing outside insurance sits in Billing & Revenue.
- Insurance Billing
- Premium Accounting
- Premium Collection
In scope
- Premium payment plans and installment schedules
- Premium receipt allocation and suspense handling
- Broker and agency account statements
- Producer commission calculation and arrears handling
Out of scope
- Customer invoicing and collections outside insurance premium (see BC-250.10, BC-250.30)
- Cash application and payment acceptance for non-premium receivables (see BC-250.40, BC-250.40.40)
- Partner programs and incentives outside insurance commission (see BC-440)
- Employee sales commission plans (see BC-350.20)
Realized by · 0
- No product in the catalog yet.
Used in · 1
Build it · 0
- Nothing in the library points here yet.
Decomposes into · 5
- BC-1740.40.10Premium Payment PlansOffer and run annual, installment and payroll-deduction payment plans, with any installment charges calculated consistently.
- BC-1740.40.20Premium Receipt AllocationMatch each premium received to the right policy and installment, and clear unmatched receipts out of suspense quickly.
- BC-1740.40.30Broker & Agency StatementsProduce and reconcile account statements with brokers and agencies that collect premium on the insurer's behalf, and chase overdue balances.
- BC-1740.40.40Producer Commission AccountingCalculate, pay and claw back commission owed to agents and brokers according to their agreements and the policies they placed.
- BC-1740.40.50Premium Arrears & Grace PeriodsTrack missed premiums, apply the grace period and notices the product and jurisdiction require, and trigger lapse or cancellation when they run out. Collection of other receivables sits in Collections & Dispute Resolution.