Commission Fees paid to Managing General Agents (MGAs)

A L&H insurer makes a payment to an MGA for commission fees owed that cover multiple corporate clients and coverages. With ISO 20022 payments, remittance data providing a breakdown can travel with the payment, which can be extracted to enable automated reconciliation when the payment is made.

Premium Collections (e-Invoicing for recurring payments)

An insurer sends electronic invoices with ISO 20022 request-to-pay functionality for monthly or annual premium payments due from those policyholders not set up for pre-authorized debit as they do not wish to share bank account info with the insurer. Payment links in the e-invoices enable policyholders to initiate payments from their bank accounts with data…

Premium Collections (Request-to-pay feature)

An insurer sends a payment request using ISO 20022 request-to-pay functionality to a policyholder when their monthly premium payment via direct debit fails to go through. The policyholder accepts by clicking on a payment initiation link in the message. A payment instruction is auto-populated with remittance data (e.g., policy number) provided by the insurer in…

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