Premium reporting in the billing system integration

When a user completes a premium report in PolicyCenter, the integration sends premium transactions as charges to the billing system. The user can enter a value for Payment Received when filling out the premium report. PolicyCenter informs the billing system whether or not payment was received. This information allows the billing system to wait for payment to be posted to the billing system. It is common to enter the premium report before depositing the payment to avoid generating an invoice when the payment is already received.

The integration also handles the case in which the billing system receives the premium payment before PolicyCenter. The payment and the premium report are often sent together. The payment is often deposited before the report makes its way to the premium audit department for entry into PolicyCenter.

See also

• Billing implications for premium reporting

Deposits

A deposit is collateral collected up front on a policy that will be otherwise billed based on reporting. PolicyCenter determines the deposit required based on total premium and the deposit percentage for the reporting plan chosen. PolicyCenter displays the deposit on the Payment screen.

The deposit requirement is sent to the billing system as part of sending charges for each policy transaction. PolicyCenter sends the full deposit amount needed, rather than incremental changes to the deposit required. PolicyCenter expects the billing system to collect money for the deposit or release any extra being held. At the end of the period (when sending the final audit), the deposit amount is $0. This amount normally causes the billing system to release it.