OverviewData WarehousePolicy AdministrationClaims AdministrationInsurance AccountingMember Portal

Risk360°/Insurance Accounting supports the accounting function of pools as it relates to policy and claim financial activity. It is a subsidiary ledger that provides summary entry to the pool’s general ledger and provides centralized control over cash processing and billing.

Risk360°/Policy Administration and Risk360°/Claim Administration automatically post transactions to Risk360°/Insurance Accounting, which, in turn, provides the following functional capabilities:

  • Invoicing for premium and deductibles.
  • Waiving of premium when amounts are small.
  • Recording and applying cash against invoices and credit memos.
  • Generate check requests by rolling up vouchers with automatic reduction for the remain ing deductible when deductible is being withheld.
  • Print checks directly or print check request forms for external check printing.
  • Interactive search and display for vouchers and checks.
  • Print statements of account.
  • Maintain data on all third parties receiving money for accurate 1099 reporting.
  • Export check data to banks for positive pay services.
  • User-defined payment cycles for return premium, loss, loss adjusting expense, deductible refund and recovery refund vouchers.

Risk360°/Insurance Accounting adapts to each pool through Customization Through ConfigurationTM, which allows for parameters such as:

  • Chart of Accounts.
  • Data elements to capture for each third party.

Risk360°/Insurance Accounting prints invoices, statements of account, and checks on pre-printed stock, which could require custom programming to accommodate differences in layout and spacing.

Key Benefits:

  • Saving time and money via tight integration between the accounting functions and claims and underwriting.
  • Strengthened financial controls through the automation of accounting duties relating to underwriting and claims.

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