Allstate Agency Billing Program
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Allstate Billing and Premium Finance Program
Since the merger with Combined Underwriting Agency, CMS has been looking for ways to improve and streamline the way we handle billing for our Allstate clientele. We know many of the polices placed with us are written as “agency billed”, where CMS is paid the premium directly, where we in turn remit to the carrier. After meeting with several of you to learn the way Allstate operates we have created a program that mirrors the way you handle your accounts that you place with Allstate itself. In addition we would like to offer an additional benefit to your clients that was not previously available on agency billed items; the ability to finance and pay on installments over the course of the year.
CMS is proud to annouce the Allstate Billing and Finance Program:
Beginning Monday January 10th, all agency billed polices will be included in this program (with some exceptions which will be noted below). Once bound, the insured will receive an invoice directly from CMS’s billing partner. The invoice will contain two options, a pay in full or a finance option which will be 20% deposit with 10 equal installments. Your client can select which ever option that fits their needs and send in the appropriate payment directly to our billing center. Please note, the financing option will be subject to interest which will be clearly stated on the invoice.
Our billing center will process the payment and remit your office’s commission to you within 1-2 weeks of receipt of payment from the insured. For the quickest way to receive your commission, you will have the option to enroll in our electronic payment program, where your commissions can be wired directly to your bank account. Forms to register for electronic commission payment will be available on our website Jan 10th, 2011
This will be available for all new and renewal polices with the exception of short/term fully earned policies such as special events.
In addition, many endorsements that generate additional premium will qualify for this program. As long as there are more than 4 payments left on the policy, the additional premium can be financed and spread out over the remaining premium with the same payment dates. Audits are not eligible for our finance program
This new program will allow you and your clients more options in how they pay their premiums and will also make it easier for your office to deal with agency billed items.
Please note, if a policy cancels midterm and there is an outstanding earned premium, or unpaid audit, your office will be ultimately responsible should the insured fail to remit payment as per your contract with CMS
We thank you for partnership with CMS and we are here help you in any we can. |
