Month End process  

The month end processing is a simple click of a button and the processes are displayed to an information window for the administrator to view. Once the process is complete and the necessary pro rata and current debits/credits have been created the system generates the file for your chosen collection agency to submit to the ACB. The system can be configured in two ways to do the collection:

1.      One debit will be generated for the policy whereby this incorporates the total of premium to be collected for the policy; or

2.      Transactions can be split between current month debits and double debits or pro rata debits which in turn would create two debits to the client’s bank account.  

Although the latter is slightly more costly it does have the benefit of at least one of the debits still being met should the client have insufficient funds for both. It also allows the client to see the additional debit along with his normal transaction and hopefully recognize the pro rata amount.  

Once the month end processing is completed, (and should you have brokers) a list of clients that are going to be debited shall be e-mailed to the broker. A complete set of policy schedules (in HTML and password protected) is also e-mailed to the broker. The client receives either an e-mail message or a SMS (or both) informing him of the debit taking place.