Old Year Premium Collection

Objective
To utilise our unique insurance software, i²blade, and our market experience and expertise to facilitate collection of old years premiums that have not been quantified by our clients as part of their reinsurance to close calculations or their outstanding debtors calculation.

To accelerate the collection of old years premiums that have been identified but not yet collected.

We undertake to:-

• Collect premiums on old years that syndicates or insurers have not accrued for as part of the 'reinsurance to close' calculations or the outstanding debtors calculations
• Establish potentially uncollected old years premiums regardless of the quality of our clients' underlying data
• Utilise i²blade to improve the data quality
• Utilise i²blade to produce and render to brokers accounting statements of potentially uncollected premiums
• Liaise with brokers to identify and agree unpaid premiums and assist brokers unallocated cash reconciliations
• Elicit settlement of identified and agreed uncollected premiums.
• Provide feedback that will enable our clients' premium data to be updated. 

Reporting

• We will utilise i²blade to report on old year premium collections

Method of Remuneration

• We are remunerated only by way of collection commissions and we do not charge for any of our underlying work on old years collections

Benefits
We have a track record of successful old years collections, which are a common market problem, and the deliverables from our activities are:

• Increased profitability from unbudgeted premium collections
• Positive balance sheet impact from additional cash flow
• Additional investment income
• No risk to our clients - we are only remunerated if we are successful. All of our work is undertaken at our own risk - if we are unsuccessful we are not paid