A streamlined Collections process is a necessity in today’s business climate. Collections professionals offer a solid understanding of industry nuances, and work to preserve the critical relationship 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 specialize 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. Collection professionals also routinely work closely with major law firms across the country, in Europe and in Bermuda, in support of litigation and arbitration efforts including expert witness testimony.
Partnering with a leading property and casualty insurance company, our staff has successfully collected in excess of $26,000,000. Alan Gray LLC has the ability to quickly identify and resolve outstanding issues and disputes often without the need for costly litigation.
Reconstruction of the accounting and billing records for a property and casualty company’s largest ceded program was undertaken. Reporting to reinsurers had ceased at the time that the company was placed in liquidation and no billing information was sent to reinsurers for a three year period. After reviewing the contracts, Alan Gray LLC determined the proper activity that should have been ceded to the various treaty layers. The accounting entries were adjusted and records were developed for the entire book of business, covering a five year period. In addition, detailed supporting documentation was developed and staff participated in the presentation to the largest reinsurer of the program, resulting in a collection in excess of $7,000,000 prior to the year-end.