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Cashfac works with insurance companies (Brokers, Insurers and Underwriters) to enable the management of cash flows and provide the level of segregation typically provided by bank accounts and spreadsheets in a fully automated, rules driven platform.

Insurance firms are able to reduce the administrative burden of setting up and managing large numbers of bank accounts, and instead, can leverage a virtual account structure to create a central reconciled view of company-wide cash. The virtual account structure replaces spreadsheets used to segregate and view transactions and balances at any level of granularity required. For example, rather than an underwriter’s agency maintaining a bank account for every client arrangement (i.e. at the Binder level) and spreadsheets to record the segregated view of Carrier floats, Cashfac allows a single real account per legal entity and then utilises virtual accounts at the Binder level and Carrier RE Binder level. Accounts can be created quickly and easily, segregation can be maintained, costs reduced and visibility of cash across the account structure improved.

The solution tracks and controls the two-way flows of premiums and claims. It segregates the funds flows and automatically segregates, calculates and reconciles client money ensuring that the management of cash is in line with client money regulations.

For the insurance broker market, Cashfac provides transparency and reconciliation in two-way corporate to broker money flows.  Whilst for the Lloyds market, Cashfac provides deep functionality to manage funds flows in multi-way relationships and provide counterparty transparency.

Scale: scalable to meet the needs of the growing number of individuals, geographies and markets that insurance providers now cater for.

Simplification: reduces the complexity of managing a multiple account and multi counterparty infrastructure. It provides enhanced rules-based updates on payments and allocations as well as integrated reconciliation functionality for real time cash visibility and a permanent and secure audit trail. Real time Web Service APIs and flat file interfaces provide connectivity for in house systems. Cashfac is Acord compatible.

Transparency: straight through processing for allocations of premiums and claims, to enable continuous transparency and a permanent audit trail of allocation and reconciliations across multiple bank accounts and thousands of client accounts.

Compliance: enables full compliance with all reporting and client money regulations required by brokerage firms. The solution provides a structure that facilitates continuous client money reconciliation, both internal and external, and reporting.

Applicable solutions include:

  • Multibank Cash Management for multi-banked insurance firms Cashfac provides a single real time, intraday view of the organisation’s cash across all currencies and accounts. With greater transparency over real time cash balances firms have greater control over the management of sweeping, pooling and target balances.
  • Accounts Receivable Management for insurance firms struggling to manage high volumes of accounts receivables and payables Cashfac streamlines the process, allowing receipts to be quickly matched off against pending payments and payments triggered.
  • Client Money provides insurance intermediaries with the ability to identify, segregate and protect client money funds and produce real time client money calculations. Enables compliance with tight client money regulations affecting insurance intermediaries including CASS 5 and CASS 7 rules.