Multicurrency integration between BillingCenter and PolicyCenter

BillingCenter and PolicyCenter support integration of multicurrency accounts and producers. PolicyCenter manages the relationship aspects of accounts and producers. BillingCenter manages the accounts receivable, commissions payable, and cash application aspects of accounts and producers. Because the two applications manage different aspects of accounts and producers, each application represents them differently for multicurrency purposes.

PolicyCenter manages the relationship between the insurer and an insured through policies. An account in PolicyCenter represents this relationship. PolicyCenter permits an account to have policies that cover assets valued in different currencies. For example, a commercial property policy might cover properties in multiple countries, with each property on the policy valued in the currency of its location.

BillingCenter manages billing activities for policies, and it pays commissions earned by producers of policies. To maintain accounting integrity, BillingCenter does not permit an account to have transactions in multiple currencies. Instead, BillingCenter manages each account to be certain that transactions can occur in only one currency. Similarly, BillingCenter tracks commission earned by each producer in only one currency.

Therefore, while PolicyCenter has a single account or producer regardless of currencies, BillingCenter must have multiple affiliated accounts and producers, one for each currency.