Financial Accounting
Profida has a powerful financial accounting module that is fully integrated with the policy administration system. The financial accounting module is designed to cater to the specific needs of the insurance industry and is compliant with the latest regulatory guidelines.
Supported premium collections & methods of payment:
- Debit Order processing with all major South African banks
- Electronic Funds Transfer (EFT)
- Credit Card processing
- Integrated with EasyPay
- DebiCheck Integration
- Salary collections
- Cheque and Cash reconciliation
Debit Order Collections
For bank debit order collections, Profida generates the appropriate debit file, which is securely transferred in the background to the bank or debit order collection bureau of your choice. Profida is the pioneer software system creating debit run files corresponding to different file layouts across separate collection bureaus within the exact same month cycle.
Integrated Banking Groups & Platforms:
- ABSA, First National Bank (FNB), Standard Bank, Mercantile Bank, Nedbank
- Netcash, QLINK, Fulcrum, DirectDebit, DirectTransact (DT), Sage Pay
- EasyPay, E-Wallet
- Direct BankServ
Real-Time Premium Split Architecture
Visualizing how incoming revenue streams segment instantly based on our flexible and powerful rules engine going far beyond simple percentage splits.
Reconciliation & Automated Reporting
- Records are stored up to the lowest individual level of each ledger entry to manage pro-rata (if applicable) returned premiums or cancellation events effortlessly.
- Electronic unpaid records (RD files) detailing rejections are parsed into Profida directly from the collection provider, updating the policy accounting without human intervention.
- Automated communication flows trigger instantly according to rejection reasoning and preferred communication settings (e.g. double-debit instruction, policy suspension, unmet premiums, incorrect banking details).
- Detailed bordereaux, age analysis, historical rejection analysis and commission statements.
Fee Rules & Commission Administration
- An automated split matrix segments premiums, underwriting fees, reinsurance premiums, system fees, binder feel, broker commission and whatever other fee you need to have mapped.
- Supports regular recurring commission, upfront commission, illustrative commission with and without pro-rata, VAT rules..
- Granular auditing controls with cross-reference for incoming manual or bulk receipts and payment confirmations.
