The IDIT™ Accounting module provides technical accounting, account payable (AP) and account receivables (AR) functionality. This includes a repository and an audit trail of the premium split and breakdown among the participants. IDIT™ empowers users by enabling advanced, core insurance accounting functionality such as multiple payers in a policy, policies in multiple currencies, and carriers with multiple brands.

 

Once the policy is issued and an invoice is raised:

• The written and/or booked billing premium due are booked on the customer account and carrier accounts 
• The commission is booked on an agent account
• The co-insured premium amounts are booked on the participants’ accounts

 

Once booked to the appropriate accounts, the system monitors due course payments and thus the distribution into the various accounts.

Each service provider participating in the claim settlement process also has an account managing all payments and receivables.

Each account is then settled in accordance with the terms of trade of each account holder i.e. invoice raised for expected payments or disbursement initiated when monies are due to the account holder. 

 

The IDIT™ accounting domain is comprehensive and provides a host of features for all aspects of the core insurance business. Among these users can:

• Easily maintain all insurance entity accounts 
• View payment schedules
• Setup & control billing & collection processes 
• Book premium processes
• Use wizards to setup & manage carrier, agent, co-insurer, reinsurer & global terms of trade
• Use wizards to setup & manage payment terms, journals & tansaction types
• Manage payments-in
• Manage payments-out
• Perform dunning procedures & non-payment handling
• Transfer money between accounts
• Interface with the insurance companies’ general ledger
• Get support for statistics and reporting