Paulmar Software Introduces New Insurance Premium Accounting and Solvency Management Software
Product Performance: NOBL was designed to manage premium and return premium fiduciary funds transacted by P&C insurance agents and brokers until they are disbursed to legal owners (insurance companies, general agents, agency operating account or finance companies). Premium financial management is based on insurance premium accounting, a proprietary new accounting system developed by Paulmar Software for insurance trust account operations. The NOBL system includes additional non-fiduciary management functions such as agency producer commission and commission on direct bill accounts.
Product Information: Independent P&C insurance agencies have millions of premium and return premium dollars in transit through their trust bank accounts. They receive large amounts of premium funds only to disburse them within 60 days or less. Average size agencies maintain trust account balances between $500,000 and $1.5 million. Large agencies transact annual premiums of $50 million or more and have bank account balances of millions of dollars.
All agency management software products on the market today are GL accounting-based. This accounting system is unable to accommodate a separate ledger of accounts for premium fiduciary funds. As a result, the solvency of insurance trust funds cannot be monitored and reported through established accounting methods. Insurance agencies are unable to manage the transfer of earned commission to their operating accounts, generate separate balance sheets of premium funds or premium float statements and, most of all, determine the owners of the trust account cash balance.
After ten years of research Paulmar Software was able to develop a new insurance premium accounting, also known as Trust Ledger (TL) accounting, and the software programs to fully automate it. Trust account solvency can be now managed with reliable financial tools such as premium funds Balance Sheet, Premium Float Statement, Solvency Analysis Report, and Statement of Trust Funds Beneficiaries.
NOBL is a premium daily management application as much as it is a financial management product. NOBL operations are fully automated, therefore highly efficient. NOBL management functions include premium receipts and bank deposits, commission transfer, company remittance and return premium credit and refunds.
NOBL will empower insurance agencies to become standard sales and service operations able to focus resources on the management of the agency core business while the management of insurance trust funds is either outsourced or separately managed by an agency specially trained premium administrator.
Contact Us: For more information please visit our website www.paulmarsoftware.com or send an email to chrism@paulmarsoftware.com