THE RATIONALE
Over the years, Insurance Brokers have outsourced Marketing, Lead Generation, HR and Payroll.
​
WHY NOT Insurer Reconciliation - the one drain on time and expense.
These methodical and time consuming activities DO NOT create value or grow your business.
By partnering with Broker Accounts Services Limited, time and costs are reduced and department employment worries are removed freeing up your time to concentrate on client relationships and business development.
​
With over 30 years experience within insurance broking, the founders, Robert Withers and Mia Austin believe that all customers deserve the highest level of service, and we are committed to providing this.
​
​
Broker Accounts Services Limited offer an innovative approach to outsourcing insurer reconciliation and client payment allocation. Credit control can be included should this be required.
​
Whether you are currently a Commercial Account Handler wanting to branch out on your own, attached to a network, looking to become directly authorised or an established brokerage looking to downsize -
​
LOOK NO FURTHER – We are the accounts solution for you !
​
The Directors of Broker Accounts Services bring a wealth of knowledge and experience to your business, having dealt with and managed annual policy premiums in excess of £60 million.
​
Years' of expertise within the accounts sector of Insurance services, including TEn Insurance, Country Mutual Insurance and Sceptre Insurance, the Directors are aware that insurer account reconciliation and client payment allocation are both time consuming and critical accounts functions within the business.
​
Broker Accounts Services management of these functions will ensure that accurate Management Information can be produced, Client policies remain unaffected and good broker/insurer relationships are maintained.
OUR SERVICES
Broker Accounts Services Limited provide service commitments under contract. All work is handled through your system allowing for appropriate audit trails and security control by you.
​
All of the regulatory undertakings will be the responsibility of the Broker.
​
Confidentiality is of the utmost importance.
Credit Control
Overview
Client Money
Calculation
Insurer
Reconciliation
Payment
Allocation
INSURER RECONCILIATION
Reconcile insurer accounts on a monthly basis ready for payment within insurer credit terms.
Investigate queries and bring to the attention of the broker or the insurer.
Liaise with the broker and the insurers to resolve queries alleviating delays in payment of insurer accounts.
​
Return / cancellation premiums taken when they appear on the insurer statements.
​
Management of insurer instalment commission.
PAYMENT
ALLOCATION
Process all monies received into the bank account.
Resolve all queries due to under / overpayment with the account handlers.
Process all cheque receipts once cleared with the bank.
​
Allocate all third party funding receipts.
CLIENT MONEY
CALCULATION
Do you need support ?
Included within our service we can assist you with -
The preparation of your monthly calculation along with supporting documentation for your authorisation to enable transfer of funds.
These calculations and supporting documentation should be retained for future annual Client Money audits.
CREDIT
CONTROL
Chase client debts via agreed medium.
​
Investigate queries and resolve with the client / broker.
​​
Report to broker at agreed schedule on queries to alleviate bad debt​.
STAND ALONE SERVICES
ABSENCE COVER
No subscription to our monthly accounts reconciliation package?​ - No Problem we can help!
​
We will offer a service at an agreed monthly rate to assist the brokers with holiday, maternity / paternity and long time sickness cover
​
​
EMPLOYMENT SUPPORT
Recruitment or replacement of staff can be a major headache.
​
Maybe more resource is required for reconciliation of your Insurer statements.
​
Why not consider hiring an experienced team to support your existing accounts department without all the added employment costs ?
​
Most businesses are now used to remote working - our solution delivers an outsourced accounts team under contract with service standards embedded.
​
Talk to Broker Accounts to see how we can support your business 01494 618640 or 01494 618641
​
​