Agency bill promises

You can work with agency bill promises in Cloud API.

A promise is an agency bill document that a producer sends to the insurer to identify the amount of money that a producer intends to pay for a given statement and how that money is to be distributed. When the payment is later received, it can be distributed based on the information provided in the promise. A promise is also sometimes called a promise to pay.

Typically, promises are submitted only by producers that use the Account Current method of agency bill. The purpose of the promise is to resolve discrepancies in how much a producer owes for each policy on a given statement before the payment is sent. This is unlike the Statement Bill method of agency bill, where discrepancies in how much a producer owes are resolved after payment has been received.

Agency bill promises function similarly to agency bill payments in Cloud API. Cloud API supports the following operations related to working with agency bill promises:

  • Querying for agency bill promises
  • Creating and distributing agency bill promises
  • Retrieving agency bill promise distribution information
  • Creating agency suspense promise items
  • Releasing agency suspense promise items
  • Turning an agency bill promise into an agency bill payment
  • Executing agency bill promises
  • Modifying agency bill promises
  • Reversing agency bill promises

Note the following business entities related to agency bill payments:

  • Agency bill promise - The money received from a producer for one or more agency bill policies. The PromisedMoney object contains information about agency bill promises.
  • Agency cycle promise - Identifies the distribution for an agency bill promise, including how funds are allocated to invoice items and suspense items. The agencyCyclePromise object contains agency bill distribution information.
  • Agency promise items - A portion of an agency bill promise distribution that is applied to a single invoice item. agencyPromiseItem objects contain information about promise distribution items.
  • Agency suspense promise items - Promise items where the producer exists in BillingCenter, but the target policy, policy period, charge, or invoice item does not.