There are different ways to how insurers and brokers can work together. Depending on their contract and agreements, either one can send an invoice to the client and collect the money. In the end, however, both need to gain their share. Insurer reporting section in Insly is what helps you track this.
Creating insurer reports
Insurer reports can be created from "Invoicing -> Insurer reporting/billing" tab. To do this, simply click on "Add a new insurer report" button.
Now, a new window pops up where you can select the specifications for this insurer report. Once you have filled in all the fields, click "Save" and you can start adding installments to the report!
An overview of the fields:
- Description - this helps you easily differentiate reports. For example, you can mark here "[Insurer], 01/2017" to show that this report is for that specific insurer for that month.
- Insurer - select the insurer you want to create the report for. In one report there can only be one insurer.
- Insurer contract - if you have uploaded insurer contracts, you can select it here. This is an optional field.
- Type - choosing this will affect the actions you are able to do within the report. Please see the table below about the overview of different types.
- Start date and end date - this marks the dates of the specific report. Usually these cover a one previous month period (01.01.2017 - 31.01.2017, for example), but you can choose the period according to your needs and agreements.
Overview of the insurer report types
As mentioned above, the insurer report type affects the possible actions within the report. The aim of the insurer reports is to keep track of the premiums and commissions. In the end, every part should receive their share: insurers should get their net premium and brokers should get their commission. Depending on who collects the payments from the client in the first place, broker may need to send an invoice to the insurer to receive the commission or insurer may send an invoice to the broker to receive their premium.
This table gives you an overview of what insurer report type to choose:
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Adding installments to the report
Once you have created your report, you can start adding the installments. To do this, go to the "Installments" tab of the report and click on "Connect installments".
Now, all this insurer's installments appear. You can use the filters to narrow the selection.
Choose the ones you wish to add to the report by checking the box for that installment. Once finished, scroll down and click on "Connect installments" button.
You should now see the list of the installments.
Adding insurer invoices
From the report overview, for the insurer report types "Insurer invoices net sum", "Insurer invoices full sum, broker invoices commission" and "Consolidated, insurer/broker invoices difference", you can add an insurer statement to the report. The insurer statement is usually sent by the insurer themselves and this section allows the insurer invoice to be linked to the created insurer report.
To do this, click on "Add insurer invoice" button.
Fill in the fields according to the invoice that the insurer sent you and save the information.
If you have made the payment to the insurer, you can easily add the payment directly from here. To do this, simply click on "Add payment" button in the "Insurer statement" section, fill in the information and click "Save".
Creating a broker invoice
For the insurer report types "broker invoices net commission", "Insurer invoices full sum, broker invoices commission" and "Consolidated, insurer/broker invoices difference", you have the possibility to add a broker invoice.
To do this, click on "Create invoice" button in the "Broker invoice" section.
Click on "Generate commission invoice". This invoice now contains all the commissions from the installments that you added to this report. You can see the invoice in more detail by clicking on the invoice number. This invoice should now be sent to the insurer for you to be able to receive your commission.
If you want to add installments, do not forget to update the invoice as well since this is not done automatically! If you want show that the report is finished and should not be touched, you can confirm the report by clicking on the "Confirm report" button.
That's it! You have now successfully created an insurer report.