Helping Insurance Companies with the management and segragation of cash
Insurance firms are able to reduce the administrative burden of setting up and managing large numbers of bank accounts, and instead, can leverage a virtual account structure to create a central reconciled view of company-wide cash. The virtual account structure replaces spreadsheets used to segregate and view transactions and balances at any level of granularity required. For example, rather than an underwriter’s agency maintaining a bank account for every client arrangement, our solution allows a single real account per legal entity and then utilises virtual accounts at the Binder level and Carrier RE Binder level.
The solution tracks and controls the two-way flows of premiums and claims. It segregates the funds flow and automatically segregates, calculates and reconciles client money ensuring that the management of cash is in line with client money regulations.
For more information, contact the team to discuss your requirements or request a demonstration.
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To find out more about how Cashfac's solutions can help your business, get in touch with our helpful team