Agency bill payments

In the agency bill approach to billing, the producer invoices policyholders and receives payment from them. The producer withholds the commission and sends the net payment to the insurer as an agency bill payment.

When an agency bill payment is received by BillingCenter, it is placed into the producer’s unapplied fund. The payment can either remain in the unapplied fund, or it can be taken from the unapplied fund and distributed to invoice items for agency bill policies.

Cloud API supports the following operations related to working with agency bill payments:

  • Retrieving existing agency bill payments
  • Creating agency bill payments with and without distribution
  • Retrieving information about agency bill distributions
  • Retrieving payment mismatch exceptions
  • Resolving payment mismatch exceptions

Note the following business entities related to agency bill payments and the objects used to track them in Cloud API:

  • Agency bill payment - The money received from a producer for one or more agency bill policies. In Cloud API, agency bill payment information is accessed in the AgencyBillMoneyRcvd object.
  • Agency bill distribution - Refers to how an agency bill payment is distributed to settle invoice items. In Cloud API, distribution information for an agency bill payment is accessed in the agencyCyclePayment object.
  • Distribution items - A portion of an agency bill distribution that is applied to a single invoice item. In Cloud API, distribution items are accessed in agencyPaymentItem objects.

As of this release, Cloud API only supports the Statement Bill approach to agency bill.