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Services for Insurance
Companies
--- Have you been leaving the proverbial
"premium on the table" because of under-reporting
of insurance activity by your policyholders?
--- Are you looking for ways to increase your earnings, reduce
the administrative cost of your back office and provide value
to your customers?
--- Have you been looking for ways to lock-in your customer
base by providing unique policy services?
--- Tired of fighting the claims battles with policyholders,
brokers, and sometimes even their bankers?
--- Tired of tying up your administrative staff with routine
requests from policyholders, insurance brokers or your own agents?
--- Have you invested, or are you about to invest thousands,
or even millions of dollars in IT improvements only to find
them fall short in many areas of trade credit insurance management
and customer service?
Trade Banker® may be the
solution to your problems
Trade Banker®
is a trade credit insurance policy monitoring and verification
system that can link your back office administrative functions
with your customers without having to spend more money on outside
technology, or endlessly tying up your IT staff with costly
proprietary design and construction projects. Instead, it automates
your customers' administrative process and allows them to communicate
with you through Internet-enhanced technology. Virtually all
available trade credit insurance policies can be monitored and
verified on the system.
What does Trade Banker®
do?
IT GUARDS AGAINST THE FOUR KEY REASONS
FOR CLAIM DENIAL:
- Failure To Report ALL transactions
- Underreporting ALL transactions
- Inadequate Buyer Limits (shipping without coverage)
- Late Filling (and late premium payment)
Getting customers to use
this system can be a sales and income opportunity for insurance
companies. There are many
ways to induce customers to
use a system that benefits everyone.
As an insurance provider:
1. You can introduce the
idea to your customers. You
can benefit by referring your policyholders to use Trade
Banker® with your insurance
policies to:
- Increase premiums declared and paid (no
omissions).
- Improve policy administration.
- Overcome administrative resistance to
acquiring the policy.
- Provide a built-in incentive to
retain their policy through you as Trade
Banker® becomes a vehicle
to lock-in your customer base.
2. You can provide a financial
incentive for using the policy
- such as reduced premium rates. A financial incentive for
them will be offset by more business reported under policies
(automatically calculating premiums and filing sales reports)
resulting in higher premiums collected in the long run.
This is similar to the property insurance
industry that offers incentives through premium reduction
for meeting or exceeding building fire protection requirements
such as sprinklers, fire-retardant materials, improved exits
and access to fire hydrants and fire extinguishers, etc. This
proactive protection against so-called "HPR" (Highly
Protected Risks) can be translated to trade credit insurance
through use of Trade Banker® as proactive protection from
claim denials while increasing premium collection.
3. You can provide this service
directly as part of your insurance policy.
By making Trade Banker®
an integral part of your product, you can improve the quality
of policy management by your policyholders. Costs can be recovered
by fees or imputed into premium rating structures. Better
quality policy management means fewer costly claim disputes
for you, which improves customer relations. Customers will
view this user-friendly service as a competitive advantage
to your policies vs. your competitors and will be less likely
to change policies to another provider who does not offer
Trade Banker®
as part of its total package. It can become a unique cornerstone
of your "Customer Service
Plan."
Because Trade Banker®
is available as an on-line system, you do not have costly
"Return on Technology Investment" to calculate.
It is a monthly service, just like your telephone bill, only
it pays for itself. License Fees are flexible and can be designed
to meet the needs of your customers. You pay only for this
service, not for extraneous features or additional products
that you do not need or want (such as those that were created
by and for bankers rather than insurance providers and managers).
How does Trade Banker® work?
First, Trade Banker®
guides you through the process of loading the insurance policy
terms, conditions, and various limits into the system. It
requires that data be thoroughly entered in specific fields
so "acts of omission" are minimized.
Trade Banker®
then stores this information in your own proprietary database.
As data is entered on each invoice (manually or through Trade
Banker's® unique electronic,
automated data upload feature), Trade
Banker® will automatically
verify that the invoice matches ALL the terms and conditions
of the policy. If not, Trade
Banker® goes the extra step
and tells you WHY NOT.
Finally, when payments are received and entered into the system,
Trade Banker®
will automatically pay off invoices and increase the availability
of the buyer's credit limit. No more guessing if your customers
are covered on new shipments.
Best of all, for both of these functions - invoice and payment
input, Trade Banker®
ALLOWS FOR AUTOMATED DATA ENTRY, which dramatically lowers
the costs of managing insurance and trade finance lending.
For the automated data upload feature, Trade
Banker® uses the convenient
and universal delimited ASCII format. This format will mitigate
against data entry errors from the very beginning and utilizes
a user-friendly format. No high-tech operating issues are
required of your IT people.
Here is a simple diagram of how this on-line system works:
For all of the parties below, Trade
Banker® can satisfy everyone's
need for policy information:
| Insurance
Companies: |
- Premium and Shipment Reports
- Past-Due Reports
- Accurate and timely administrative requests
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| |
|
| Policy Holders (Non-
Bank): |
|
| For Cash Managment
and Accounts Recievable |
- Invoice Status Reports
- Receivables Aging Reports
|
| Shipping Departments: |
- Buyer Credit Limit Availability Reports
- Country Schedule of shipping restrictions
|
| Treasury Department: |
- Advance Allocation Reports
|
| |
|
| Lenders: |
|
| Credit Departments: |
- Advance Allocation Reports for
borrowing base management
|
| Audit Departments: |
- All Reports for borrowing covenant
compliance
|
| Country Credit
Managers: |
- Buyer Credit Limit Availability Reports
- Advance Allocation Reports Country Schedule of shipping
restrictions
(Trade Banker®
can be used as a country risk management tool for smaller
banks that do not have internal systems of measuring
theirs and their borrowers' country exposure.)
|
| |
|
| Trustees
and Financial Arrangers for Security Placements: |
- All reports as part of trustee
functions to manage borrowing base, debt covenants,
rollovers and repayment terms.
|
| |
|
Trade Banker®
is a cost-efficient system of managing your trade credit insurance
needs to:
- Increase revenues through accurate reporting
- Reduce incidence of claim denials due to non-reporting
and inadequate or expired policy limits
- Does not require software investment by you or your customers
- Reduces time and effort devoted to educating policyholders
For more information, Contact
Us or call (404) 223-2453 for more information.
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