Late premium payments are an issue across the insurance market.
Without implementing proactive credit control measures, these financial figures are unlikely to improve, and you will continue to face:
- Lack of Transparency: No clear view of performance data.
- Inability to Benchmark: No way to compare performance to industry standards.
- No Single Source of Truth: Disparate data sources hinder analysis.
- Limited Holistic View: Unable to identify trends and root causes.
Premium payment delays persist across the insurance markets
In 2024 over half of premiums were paid late, with 54% in the Lloyds Market and 64% in the Company Market. Velonetic helps insurers and brokers reduce delays through streamlined, efficient premium processing.
The Hidden Strain on Your Credit Control Function
- Aged Debt: Time-consuming investigations into outstanding cash items to determine if they are true aged debt or reconciliation errors.
- Chasing: Repeatedly chasing brokers for overdue premium payments, often hindered by a lack of contact information or ambiguous part-payments.
- Reconciliation: Identifying data inaccuracies within each risk, or payment which can be challenging without readily available information.
- NOCs and LBAs: Insufficient time to follow up on consistent non-payments and issue necessary notices to unresponsive brokers.
- Careful management of VIP customers – chasing down debt without damaging important relationships
Optimise Credit Control. Improve Cash Flow.
Our Credit Control services optimise payment and credit control performance by tackling cumbersome processes and providing reporting transparency.
End-to-end credit control that delivers results
Velonetic streamlines payments, reduces aged debt, uncovers root causes, and improves financial transparency.
Efficient chasing
Frees up internal resources by actively pursuing missing payments from brokers, establishing reasons for non-payment, and securing payment timelines.
Enhanced cash matching
Accurate cash ledger positions facilitate quick identification of unmatched cash, enabling timely follow-up with brokers or investigations.
Proactive Aged Debt Management & reporting
Enables focused efforts on core functions by delegating aged debt management to Velonetic, who can reduce true debt and provide valuable trend analysis and performance insights.
Deeper Payment Investigation
In-depth analysis of unpaid items helps pinpoint root causes, such as risk capture errors or broker part payments.
Letter before action and NOC issurance
Protects broker relationships by outsourcing formal notices, providing clear payment deadlines, and maintaining a professional approach.
Why choose our credit control services
- Fully bespoke service: Whilst we will bring a recommended, best practice approach we can also flex to meet your own credit control policy/strategy.
- One-stop solution: Best practice Credit Control includes combined credit control, risk capture, and account reconciliation for a holistic approach to aged debt, both bureau and non-bureau.
- Leverage market expertise: Tap into our deep understanding of the London Market and technical expertise across Lloyd's and the Company Market.
- Global Reach: Utilise our offshore team's extensive experience for efficient, high-quality support.
- Data-Driven Insights: Benefit from exceptional management information (MI) to identify areas of focus, including off-the-shelf and customised reports.
- Improved Debt Management: Effective Debt aged debt and enhance financial health with our prioritised chasing strategy.
- Exclusive Insights: Benchmark against unique data available only through our services to the London Market.
"Working with Velonetic helped us reduce aged debt by 45%. Their expertise and proactive approach made a measurable impact."
Let us help you optimise your premium payment and credit control performance.