Cash Reconciliation Platform for MGAs and Insurers
Xceedance Cash Reconciliation Platform (CRP) helps insurers and MGAs automate broker remittance, internal policy records, and cash reconciliation between bank statements. With CRP, insurance organizations can extract remittances in PDF format and match them with broker accounts to verify policy and accounts receivable details. The solution integrates with banks to download cash received and apply it automatically against outstanding premiums.
Automated cash and policy data reconciliation reduces manual errors while improving processing speed. Based on an internal analysis of a client’s credit control and cash allocation activities, CRP contributed to projected cost savings of between 30% to 45%.
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May 18, 2023