Outsourced Finance Back Office for Insurance Brokers
Reducing the cost of transaction processing continues to be a top priority with for insurance brokers in order to maximise profit per contract.
Inefficient internal operations can have a detrimental effect on profit and can take staff away from profitable activities, stifling the growth of the business.
Working closely with an insurance broker client, Sterling Outsourcing have developed an outsourced service specifically for the market. We have used our considerable business process outsourcing experience in order to cash to design a service which reduces costs for brokers, whilst allowing them to focus more on growing their business.
Order-to-Cash (OTC) solutions from Sterling Outsourcing give higher efficiency in transaction processing as well as resolution of order entry mistakes, pricing disputes, billing errors and credit or collection issues.
Sterling does all of the following and can tailor a programme to suit your precise needs:
- Creating debit/credit notes and sending to clients
- Credit Control / Collections
- Payment processing including credit card secure payments
- Creating/updating details for client credit accounts
- Managing payments and allocating payments on the broker software system.
- Reconciling insurer statements
- Raising insurer / client payment requests to Directors of broking firms for approval/action
- Sending out monthly remittance advices / statements to insurance companies
- Reconciling all broker accounts (client and office) monthly
- Debt recovery
- Producing monthly Broker Management accounts
- Producing Client money reconciliations for broker to FCA requirements
- Improved cash flow
- Improved service to stakeholders and insurers
- Reduced overheads
- Provision of an accountable delivery of service to agreed standards
- Allows broker to focus on core business