Search CompleteMarkets

... Flow Procedures Manual-Commercial Audit Procedure
COMMERCIAL INSURANCE AUDIT PROCEDURE In most agencies, audits are processed much like all other ty...okkeeper that they will guarantee the audit premium and to allow the cut-off date to pass

...ces. The agency's bookkeeper or accounting personnel can prepare this report t...at Personal Lines need not 'create an audit suspense.' CONCLUSION Advance preparation, managing time and work efforts, account development, and client satisfaction all provide sol...

.... Agency Manager B. Controller/Accounting Manager C. Marketing Manager D. S...quiring retro or special rating plans, and other accounts as assigned. Salary Grade: 13 ACTION STEPS: 1. Manage and direct the Special Accounts Unit. 2. Keep abreast of trends and techniques. Research and develop new and improved selling tools and aids to maintain a competitive stat...

... PR Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Best Practices Of Financial Management 4/30/2013 12:00:00 AM by CompleteMarkets Editor , Angela Bemiss This content ... you getting the financial and management information you need to manage the agency effectively? If you can't confidently answer yes' to these questions, many of your Best Practices competitors can. If your responses are no' or I'm not sure, ' maybe you need an audit of the financial management function of your agency, some additional training for your financial manager, or the services of an outside CFO to complement their efforts. Angela Bemiss is a senior vice president and principal of Reagan & Associates, an independent Atlanta-based management consulting firm ... with insurance agents, brokers, and companies. Before joining Reagan & Associates, she served as chief financial officer for two of the most successful regional brokerage firms in the country. Reagan & Associates developed and annually produces the Best Practices Study' in conjunction with the Independent Insurance Agents of America. They also provide a wide range of services, including financial management audits and outside CFO consulting. This article originally appeared in The National Underwriter, P/C Edition, and is reproduced by permission. Login or Register (for FREE ...

Avoid These Common Accounting Mistakes
Some agents make a cons...nding they are actually saving money - and sleeping better too!

...s existed, but their job wasn't to audit the books. Meanwhile, most of their a...r agency machine. A little preparation and ongoing communication can prevent y...

... PR Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Collections 4/30/2013 10:38:09 PM by CompleteMarkets Editor This content has not been rated yet. COLLECTIONS ... For the insured, this simplifies payroll reporting, and makes for timely installment billings and uniformity of handling. For the agency, there's an average of 15 days of additional investment income, it's easier to collect, and it conforms to agency accounting procedures. Endorsements, Audits, Installments. Since the credit period your agency receives to collect this type of additional premium is usually shorter than that given on a new or renewal premium, it is imperative that the request for payment be stated very clearly when an endorsement, audit, or ... is sent out or delivered to the insured. Remember: Audits are fully earned and often cannot be turned back to the company for direct collection. Installments, if not collected when due, can result in an earned premium larger than the deposits when you finally do cancel. These may not be collectible. Endorsements, if not collected when charged, may end up being due at the end of the policy period, when it's likely they cannot be collected. Why Must Every Agency Establish a Goal Concerning Collections? There are three ...

...r, or another individual in the accounting department. Do not involve the pro...red to the insured. Remember: Audits are fully earned and often cannot be turned back to the ...

... has not been rated yet. There are three goals to the cancellation procedures. They are as follows: Determine the cause so that the agency can prevent future erosion of business Protect the agency from an E & O exposure caused by incorrect termination of coverage Regain the account on the next anniversary, if possible Most agencies plan, measure and record the sale of new business, but very few take the time to really control the loss of business to the agency. It is the opinion of our firm that no agency really profits ... should notify company in writing and on the phone to reinstate the policy or coverage. 8. If policy is not to be reinstated, CSR/Marketer notes the cancelled status of the account in the customer's electronic file. 9. If the cancelled policy requires an audit, CSR/Marketer sets up a 45 day suspense to await the final audit figures. 10. Once cancellation is final and (if necessary) the audit is received, CSR/Marketer bills the customer for any additional premium or sends unearned premium to customer ... 11. CSR/Marketer then removes all suspense items, notes transactions on the customer's note pad and files all paperwork in the transactional file. CANCELLATION PROCEDURE CUSTOMER REQUEST 1. When request is made by the customer the CSR/Marketer should request that the customer return the original policy, along with a signed letter outlining the date the cancellation is to be effective and the reason for cancellation. 2. If the customer does not have the original policy, the CSR/Marketer sends a Lost Policy Release form to the customer with ...

...f the cancelled policy requires an audit, CSR/Marketer sets up a 45 day suspense to await the final audit figures. 10. Once cancellation is final and (if necessary) the audit is received, CSR/Marketer bills the c... it is recorded on customer's note pad and all paperwork is filed in the trans...