Broker gains stronger control with new IR statement

Integrated Reconciliation (IR) is the answer to brokers who want to maintain better control of their own business. Dex recently implemented a new commission statement, in terms of which more comprehensive information schedules will be provided to brokers. The Integrated Reconciliation format of the Dex system transforms and audits the complex commission structures into easily interpreted and comprehensible online statements.

“As a result of the IR system, brokers are now in better control of their own businesses,” says the Managing Director of Dex InformatiX, Jans Wessels.

As a consequence of Integrated Reconciliation, the broker gets control of and obtains comprehensive information about the collection and distribution of commissions. It is broken down per division and per client. In addition, it automatically generates tax invoices as an attachment to the electronic communication.

Brokers are also informed by SMS as soon as the amount of commission is deposited into their bank accounts.

“The administration of short-term insurance is fairly complicated,” says Wessels. “That’s why a system is expected to calculate and reconcile each possible permutation in an integrated way. Every component of each policy has its own, individual commission system. All these elements are reconciled with the new Dex system and are at the disposal of the broker online.”

Wessels says most clients do business with a specific broker on the basis of mutual trust. The client trusts the advice of the broker. That provides even more reason for the accompanying service and information to belong to the broker.

The new commission format represents a considerable upgrading of the existing Dex system, and solid, additional safety aspects have been incorporated in the new system.

Dex’s Claims Company, too, utilizes Integrated Reconciliation technology to offer brokers full access to the entire claims procedure. The system enables brokers and clients to continuously keep abreast of their total claims process – from notification of an intended claim, the progress made in the process, to the final settlement.

This way, the administration, financial implications and claims are managed online through one channel and turnaround times limited. Paperwork and burocracy are decreased, so that the broker can focus on service and sales. Obviously, this increases the levels of satisfaction as well as the broker’s profitability.

Because claims are administered on the same system, the broker has access to daily, brand-new reports which enable him to make informed decisions and give appropriate feedback to clients. It empowers the broker and reduces his dependency on a third party.

The outdated and time-consuming process which required the client to call his broker, and the latter then calling the insurer for information about the status of a claim, now belongs to the previous century.