Because of direct bill, insurance agents are usually taking payments on behalf of the insurance carrier as a convenience to both the insured and the carrier. The result is the agency – you – have to forward most payments you take to the insurance or premium finance company your insured is actually paying.
This requires special “remittance” reports. Reports that list on a company by company basis the days payment activity. Using these reports you can send checks to the correct companies for the correct insureds, or reconcile the daily sweep of your premium account by your companies.
Cap Dat ACORD’s CashBox Program Is Your Solution
You can track a single cash box or 1,000 cash boxes – however many your agency has. For each cash box, our program starts the day by balancing the physical cash box.
Each person’s cash box access is limited by their unique Cap Dat ACORD log in. (The master Cap Dat ACORD log in – yours – has global access to all cash boxes for reporting functions.) As you take payments and provide your insured’s with receipts, the cash box program makes change and keeps a running total of the accurate and current balance in the box.
In addition to payment transactions, you can record miscellaneous transactions for taking money from the cash box for petty cash needs. Every transaction that can change the actual balance of money in the cash box is tracked so you always have an audit trail giving you a perfectly balanced cash box.
Even payments by check to the insurance or premium finance company can be entered so you can generate a receipt and an audit trail for those activities. But, of course, checks made out to these companies are not added to your cash box balance because they are not money you have to deposit to your bank account.
Besides premium payments you can track extra fees charged by you, your insurance companies or your premium finance companies. These would include late payment fees, NSF fees, etc. The insurance and finance company fees are included in the remittance reports to those companies. The agency fees are left in your account.
To get a better understanding of our Cash Box program, take the time to watch these short video demos of our service.
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Subscribe to Cap Dat ACORD now, and get the Cash Box programs completely free with your subscription.