To effectively run a business, it’s crucial to have a healthy cash flow. Consequently, it’s in your company’s best interest to ensure you collect your outstanding accounts receivable promptly. if you’re spending valuable time and resources chasing after your old receivables, then it actually costs you more in the long run.
For over three decades, Leib Solutions has been providing LIfe, Property & Casualty, Business, and Healthcare Insurance collections for major insurers We can help you reduce your past-due insurance premiums, all while protecting your brand and contributing to your cash flow.
Insurance Premium Collections
Our specialists are well-versed in Property and Casualty Insurance, including insurance premium collections, subrogation, bonds, and deductible collections. We are dedicated to handling all of your accounts with an unsurpassed level of care, respect, and integrity. For over ten years, we have been recognized by AM Best as an expert service provider, one of only a half dozen firms in the world.
- General liability insurance premiums and deductibles
- Business Owner’s Policy (BOP) premiums and deductibles
- Commercial property premiums and deductibles
- Commercial auto premiums and deductibles
- Cyber liability premiums and deductibles
- Professional liability premiums and deductibles
- E&O premiums and deductibles
- Subrogation claims that mitigate claims losses
Insurance Premium Audit-Adjustment Collections
Many insureds, especially those with terminated policies, are confused about their liability for premium adjustments resulting from premium audits. We make sure they understand their liability and collect what is owed so you do not revenues and profits do not slip through the cracks.
What is a Premium Audit? A Premium Audit is the periodic review by the insurance company to make sure the premium established at the beginning of your policy period accurately reflects any changes in business operations since the policy was issued. An insured’s policy is issued based on estimated exposures, which are typically a combination of payroll and revenues applied to various classifications. The premium audit establishes the final earned premium for an insurance policy based on verifying the data collected at the audit The outcome of the premium audit, which may be remotely done or in-person, may increase or decrease the premium.
Insurance Deductible Collections
Many insureds are confused about their post-claim liability for insurance deductible which they are obligated to pay. We explain and help the debtor understand this obligation so we can collect the deductibles owed to you and avoid a write-off of revenues and profits.
What is an Insurance Deductible? A deductible is the insured party’s share of an insurance claim and is a form of risk-sharing between insurers and their customers. Deductibles help to keep insurance costs affordable by minimizing the number of small claims. You can set your deductible as low as zero for some policies, such as general liability insurance, but the premium will be higher as a result.
Insurance Subrogation Collections
Often, profits are lost due to the inability to collect subrogation claims. Our “subro” experts make sure that the collection of subrogation claims is maximized, so the insurance company does not suffer unnecessary revenue leakage.
What is Subrogation? Utilizing subrogation, the insurer pays for the loss (claim) to the insured and pursues the third party that caused the damages to recover the loss. Three parties are involved: the policyholder, the insurance company, and the party responsible for the damages or their insurance company. Click to read more about our full-service subrogation collection service.
Retroactive Enrollment Premium Adjustments
Health Insurance retroactive adjustments are a reconciliation challenge for both the insured employer as well as the insurer, resulting in the loss of revenues for the insurance company or HMO unless resolved and if allowed to get too old, a permanent loss of profits. Using our experts and special reconciliation technology, we figure out, resolve, and collect these disputes for our clients to avoid a write-off.
What is a Retroactive Enrollment Adjustment?? Business health insurance premiums adjust retroactively according to the number of people actually covered during the prior period, for example adjusting for employees going off coverage plus new hires, An initial premium is calculated upfront, and adjustments are performed monthly and audited after the policy expires.
A Trusted Insurance Collection Agency
At Leib Solutions, we’re not just a professional first and third-party collection agency. We’re also committed to offering comprehensive P & C insurance collection services for our clients. This includes our industry-trusted expertise in:
Workers Comp Audit Adjustments
Subrogation Collection and Recovery
The Leib Advantage
We have a team that is solely dedicated to commercial insurance collection. This expert staff understands the nature of insurance issues that can lead to disputes and non-payment between insurance and policyholders. We also have a wide-reaching knowledge of the policies themselves, all to offer our clients the most comprehensive insurance collections services available.
Our insurance specialists will find ways to work with the policyholders, taking the time to walk them through and educate them on the terms of their policies. We will even explain the policy language in detail and help to settle any disputes among the involved parties. When it comes to responsible business insurance collections, Leib Solutions is the trusted industry leader.
Cleanup Projects for Accounts Receivable
Managing and resolving frozen or aged backlogs of accounts receivable requires expert resources and at Leib Solutions, we get results for our clients. Whether you need a one-time cleanup or a long-term solution, our professional commercial insurance collections staff can help.
We have a highly-experienced staff, powerful collection systems, and state-of-the-art technology, all to ensure high collection performance. Using this approach, we help you offload your excess and overflow, positively impacting your cash flow, and ultimately, your business.
A Focus on Customer Service
Leib Solutions employs a respectful and professional customer service process which translates into quicker recoveries and customers who are happy to cooperate, leaving the door open for future business. In fact, our management team has more than a century of insurance collections experience.
It’s this dedication to our customers which has earned us the coveted Expert Service Provider status with A.M. Best, the renowned global insurance rating agency. We’re honored to have held this distinction since 2007. In addition, we are proud members of the National Association of Subrogation Professionals (NASP), Insurance Society of Philadelphia (PIA), and Insurance Accounting and Systems Association (IASA).
For more information on Leib’s insurance collections, please contact us today.