Agency bill payments

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

When BillingCenter receives an agency bill payment, BillingCenter places the payment 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 settle invoice items for agency bill policies.

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

  • Querying for agency bill payments
  • Creating agency bill payments with and without distribution
  • Retrieving agency bill distribution information
  • Creating agency bill payments in suspense
  • Modifying agency bill payments and distributions
  • Executing saved agency bill payments
  • Deleting agency bill payments
  • 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 corresponding objects in Cloud API:

  • Agency bill payment - The money received from a producer for one or more agency bill policies. The AgencyBillMoneyRcvd object contains information about agency bill payments.
  • Agency bill distribution - Refers to how an agency bill payment is distributed to settle invoice items. The agencyCyclePayment object contains agency bill distribution information.
  • Distribution items - A portion of an agency bill distribution that is applied to a single invoice item. agencyPaymentItem objects contain information about distribution items.

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