Workers' Compensation Policy Issuance
PBM has partnered with USSI™ to bring a policy administration module to its fully integrated suite of insurance management products. Our policy issuance module is designed to meet the administrative requirements found in most workers' compensation providers including; self-insured funds, third-party administrators (TPA's), and self-insured companies who choose to administer their own workers' compensation programs.
It offers on-line, real time processing and includes the basic functions required by today's workers' compensation provider; with features to help better serve employer participants and their injured employees, and aid internal operations.
WC Policy Adminstration Module Features:
Billing & Accounts Receivable
Employers may be billed on an estimated or self-audited basis. Installments may be billed monthly, quarterly, or semi-annually. Deposits or down payments may be held across fund years, or applied annually to premiums. Billings may be revised during a fund year accommodate changes in payrolls, experience modifications, installment frequency, or billed method (estimated vs. self-audit). Anniversary ratings, volume discounts and increased limits premiums are also accommodated. Year-end audits revise the premium due and bill for outstanding balance.
Accounts receivable is integrated into the billing system and provides real-time access to account information. A/R history may be viewed in summary and at transactional detail levels. Cash payments, surplus credits and adjustments are updated on a real-time basis.
Past Due and Termination Notices may be printed for employers who are past due. The system provides daily, weekly, monthly, and annual activity journals, as well as aging and past due reporting.
Refund checks for overpayment of deposit, premium or fees, may be printed by the system.
New business may be rated online. A quote is generated that may be printed, faxed or emailed to the agent. The status of applications submitted is tracked and reported. When new business is bound, the quote information may be copied directly into the new employer/policy file. Integration with the electronic in-basket reduces paper and improves workflow and productivity.
Commission processing, if required, is extremely flexible. Commissions may be based on a graduated scale or a flat rate method. Traditional commission processing is supported, including: splits, adjustments, assignments, minimum check limits, and commission hold/release feature.
Online inquiry into commission history provides immediate access to all payments and adjustments made for an agent in summary and detail levels.
Claims processing is fully integrated with the Claims Advantage™ Workers' Compensation module and NCCI Reporting.
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