Short-Term Insurance

PROFIDA Administrator Edition

Financial Accounting

PROFIDA® allows the monthly, quarterly, bi-annually, annually and ad-hoc collection of money and the management of various methods of payment:

For bank debit order collections, PROFIDA® generates the appropriate debit file, which is emailed to the debit order collection bureau of your choice for processing. PROFIDA® is the pioneer software creating debit run files corresponding to different file layouts of debit order collection bureaux

within the same month.

Record is kept on PROFIDA® to the lowest possible level of each transaction and returned premiums and cancellations are managed.

Unpaid files with the details of rejections and redirected bank accounts issued by your debit order collection bureau are imported into PROFIDA®. The account information is automatically reconciled and adjusted.

Correspondence is triggered automatically based on the reasons of unpaids imported or manual captured. Double-debits or cancellations are automatically put in place on the policy (depending on reason)

Bordereaux, production and rejection lists as well as commission statements are accessible at any time for reference and statistical purposes.

Commission Administration

An automated process splits the commission, fees and premiums receivable to the different stakeholders. The split is based on predefined commission rules set up and on the different cover the policyholder has on the policy.

Commission splits and levels can be managed in a variety of different ways. The flexibility allows for the calculation of commission for each marketer based on their total written business and agreement with the company. The commission for the marketer can be defined by Product and/or by Client and/or by Level. Multiple commission definitions and formulae can be associated with a single product.

Both recurring commission payments and fixed payment amounts are catered for. Different commission percentages can be specified for different cover. Broker, admin and policy fees, as well as other business charges, can be tracked as well.

The calculation of new business and recurring commissions due can be reconciled with actual receipts. Commission statistics and statements show a summary of commissions paid to the marketer. In addition there is an overview of outstanding commission.

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