Smooth financial operations are a key part of an insurance broker’s work. VSoft Insurance Broker, keeping in mind the need to streamline this process, is proud to present the latest software update – an automated billing module. The new functionality has been meticulously refined and is available to our clients in the VIB system.
The purpose of implementing the billing module
The new billing module in VSoft Insurance Broker enables efficient and effective handling of commission settlements with insurance companies. Its main purpose is to automate the billing process. It allows brokers to easily process commission files, leading to quick settlement and generation of necessary control reports.
Benefits of implementation
- Automation of commission billing: Streamline in-house operations and allow the team to focus on key tasks.
- Accurate financial analysis: A solid foundation for control reports, enabling more accurate business decisions.
- Efficiency and savings: Improve efficiency, reduce service costs and optimize expenses.
The process of carrying out commission settlements
The new billing module in the VIB system is a comprehensive tool for effective commission billing management. The process begins with the import of the commission file by brokers, which is then processed by the system. Then the VIB system presents a comparison of data from the commission file with data in the system, searching for policies by corresponding insurance numbers for the indicated insurance company. The data is presented in an easy-to-read table, facilitating quick verification and review.
The next step is to unbundle the data from the billing file for the imported data. The system user can verify the comparison of paid premiums and commissions, and then can mark the imported data for settlement or reject it. The system is flexible and adapts to individual user needs.
Once a settlement is accepted, the system automatically completes the payment data on insurance contracts, updating installment statuses. The user can check at a glance whether installments are paid and monitor any underpayments or overpayments. The same applies to commissions.
The final step is the automatic registration of the commission invoice based on the generated settlement. This automates the process, and the system user does not have to manually add items to the invoice – everything is done automatically based on the imported billing data.
Summary
The implementation of an automated billing module in VSoft Insurance Broker is a step forward in effective commission billing management for brokerage companies. Thanks to it, brokers can carry out settlements even more efficiently and accurately, which translates into customer satisfaction and further development of the company. We encourage all our customers to take advantage of the new functionality and experience its benefits. We are confident that the automatic billing module will become an integral element supporting the work of an insurance broker.
