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NOBL Technology

Paulmar Outsourcing Technology enables insurance retailers to outsource the trust account operation in the same way they outsource the payroll. Agency personnel provide source documents; Paulmar (Service Provider, SP) creates data records and performs daily operations management functions:

1.       Invoicing/follow-up, payments and bank deposits

2.       Agency commission income

3.       Company/GA remittance

4.       Premium refunds to insured or premium finance companies

5.       DB Commission

6.       Personal funds

Interface Documents

Running management functions yields “interface documents” agency personnel will receive and process, then return to the SP. There are four different types of interface documents:

·         Bank Deposit Slips: agency uses them to make physical bank deposits, then sign and return to the SP;

·         Commission Transfer Memos: agency uses them to transfer commission funds to the operating account, then sign and return to SP;

·         Remittance Check Vouchers: agency uses them to write remittance checks to carriers and GAs. Copies of remittance checks are then returned to SP;

·         Premium Refund Vouchers: agency uses them to write premium refund checks to insureds or premium finance companies. Copies of refund checks are then made available to the SP;

Personnel Training

Agency personnel (CSRs and bookkeepers) are trained to manage source and interface documents. Agency owners and managers are trained to use production and financial solvency reports. Training is available online. Three hours of training are considered necessary. A training manual is also available online.

Main Features

Outsourcing’s main features:

Ø  NOBL applications and data are hosted on agency premises;

Ø  Source and interface documents are saved in a special “Service” folder located on the agency computer;

Ø  SP accesses the Service folder via Internet;

Ø  Service is implemented gradually with new business and renewals. No disruption of the agency’s ongoing business is necessary;

Ø  Service fees can be recovered either (a) from operating cost savings or (b) additional profit agencies realize from increased sales with no additional payroll. These two sources can render the trust account outsourcing “free of cost”.

To review the Outsourcing Technology Concept click here.

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