Premium reconciliation often requires someone to connect information spread across the bank, AMS, accounting system, carrier statements and insurance documents.
Advance helps bring those pieces together so your team doesn't have to review every transaction by hand.
Routine matches can move forward. Transactions that don't line up stay visible for review.
the challenge
Premium reconciliation gets manual when the information lives in different places.
A payment appears in the bank.
The policy sits in the AMS.
Premium, commission, fees and carrier obligations may appear in another system, statement or document.
Someone still has to determine what the money belongs to, whether the amounts line up and what needs to happen next.
matching
Match the transaction to the insurance activity behind it.
Advance helps connect incoming financial activity with the policy, program, carrier, producer and other information needed to understand the transaction.
That reduces the amount of routine matching the team has to perform manually.
The goal is to give the team a working queue of what needs attention instead of another list where everything has to be checked.
Reconciled
The information lines up and can move forward.
Partially Reconciled
Something is missing, unclear or inconsistent.
Unreconciled
The transaction requires investigation or correction.
documents
Bring insurance documents into the process.
Insurance information doesn't always arrive in a structured data feed.
Advance can work with documents such as binders and premium finance agreements to extract information and bring it into the workflow.
Where known markets, producers and related information already exist in Advance, the platform can use that context as part of the process.
That means less manual entry before reconciliation can begin.
addie
Addie* helps reduce the repetitive work.
Addie is Advance's AI technology for insurance financial operations.
Within reconciliation, Addie can help interpret insurance information, work with supported documents and connect that information with activity already in the platform.
Your accounting or operations team remains responsible for reviewing exceptions, resolving discrepancies and controlling the financial operation.
working views
Configure the working view around the job.
Reconciliation teams don't need every field on every screen.
Advance supports configurable table views so users can add, remove and reorder supported information based on the work they're doing.
Filters and reconciliation status help teams narrow the view to the transactions that need attention.
That can mean less time searching through records before the real work even begins.
alongside your systems
Your AMS stays your AMS.
01
Your AMS
Your AMS manages the insurance record.
02
Your accounting system
Your accounting system manages the books and financial reporting.
03
Advance
Advance manages more of the financial workflow around premium, including money movement, matching, reconciliation and remittance.
04
Nothing to replace
The team doesn't have to replace the AMS to change how premium reconciliation gets done.
Get started
See where reconciliation is creating work today.
Map how premium moves through your operation, where manual matching occurs and where exceptions slow the process down.
