Audit, Accounting & Risk Management Services
A streamlined collections process is a necessity in today’s business climate. Our collections professionals offer a solid understanding of industry nuances, and work to preserve the critical relationships between carrier, broker, and insured. They also excel at the detailed, systematic process required for collections success. The Commercial Premium and Loss Deductible Collection Services practice specializes in the collection of outstanding commercial insurance premiums and loss deductibles. Utilizing a proactive approach to collections, the firm has enabled clients to improve cash flow, lower collection costs, and reduce over 90 day STAT penalties. Our collection professionals also routinely work closely with major law firms.
A review of the commutation process and procedures for a major US ceding company was requested, including interviews with all staff involved in the process (accounting, claims, actuarial, collections, and operations). An additional review of the internal written guidelines and policies was also completed. Recommendations made by Alan Gray LLC resulted in a strategic collection effort and the implementation of a proactive strategy used to identify financially impaired reinsurers. This directly led to the preservation and maximization of the value of reinsurance assets.
Partnering with a leading property and casualty insurance company, our staff has successfully collected in excess of $26,000,000 in delinquent premiums. Alan Gray LLC has the ability to quickly identify and resolve outstanding issues and disputes, usually without the need for costly litigation.