Automated Account Reconciliation Makes Brokers 90% More Efficient
TORONTO, Ontario, Canada – May 13, 2010 – Today, Keal Technology, software provider for Canadian brokers, announces they have made their electronic Direct Bill Reconciliation (DBR) and Agency Bill Reconciliation (ABR) available to SGI CANADA brokers. Working with Keal’s Broker Management System (BMS), sigXP, the functionality automates the reconciliation of premiums and commissions by comparing insurer statements against broker accounts.
Many brokerages do not reconcile their statements because of the amount of business hours required to complete this task. This can result in accounts not being balanced, which is not in line with the Generally Accepted Accounting Principles (GAAP). Benefits of reconciling accounts include:
- Verification the insurance company has paid commissions accurately
- Identification of billing discrepancies and errors
- Automates the process of paying employees commission upon confirmation that the brokerage has been paid
- Reduces the opportunity for fraud
Typically during reconciliation, 80% or more of the sigXP statement will match the insurance company statement, leaving the other 20% to be manually reviewed and corrected versus the manual reconciliation of all accounts without the use of the automatic electronic functionality. Benefits of using sigXP’s Direct Bill & Agency Bill Reconciliation:
- Reduces the processing time by 90% or more
- Saves printing and courier costs by creating a paperless process
- Error reduction
- Strengthens the accuracy of financial statements
“We know that brokers struggle to reconcile insurers’ statements,” said Andrew Cartmell, President and CEO, SGI CANADA. “This tool, which allows us to provide our statements in an electronic format, is exactly the kind of technology we need to make it easier for our brokers to do business with us.”
“Keeping accounts current is a critical business requirement for brokerages, but too many brokers can’t justify the cost versus benefit. Manual reconciliation is incredibly time consuming, open for errors, and no longer necessary,” said Renee Durepos, VP Operations, Keal. “We’ve seen brokers go from four full days of manual reconciliation to just four hours doing so electronically. Most insurance companies are capable of sending electronic statements if they’re not already. That’s all it takes to automatically reconcile accounts. We’re very happy to include SGI CANADA to our growing list of participating carriers to make our clients so much more efficient.”
About Keal
Keal is a leading software application developer whose focus is exclusively on the Canadian insurance and financial brokerage marketplace. Keal is the first BMS vendor in Canada to attain Microsoft Gold Certified Partner status and as such works closely with Microsoft to deliver up-to-date, robust applications. Keal’s products are the most technologically advanced in development tools and deployment architecture. Amongst their products, sigXP acts as the CRM and personal/auto/habitational policy management system, integrating with comXP, a CMS (commercial management system), and dokXP, a document management and scanning solution. Keal is the exclusive distributor for Nexisys, providing a single entry multiple company interface (SEMCI); lifeXP, life insurance management; and premiumXP, premium financing management. All products are developed uniquely for the Canadian marketplace in both official languages. In addition, they offer consulting on workflows using Keal’s Best Practices. They are 100% Canadian owned and operated, servicing clients from offices throughout Canada and are headquartered in Concord, Ontario. With Keal, brokers take advantage of integrated systems to streamline their workflows and grow their business. For more information visit www.keal.com.
About SGI CANADA
SGI CANADA is a dynamic and innovative company selling property and casualty insurance in seven provinces. It operates as SGI CANADA in Saskatchewan; SGI CANADA Insurance Services Limited in Alberta and Manitoba; Coachman Insurance Company in Ontario; and the Insurance Company of Prince Edward Island in New Brunswick, Nova Scotia and Prince Edward Island. They sell their products exclusively through independent insurance brokers in all jurisdictions. Visit SGI CANADA at www.sgicanada.ca.
Tags: Keal Technology, SGI
