ChecklistGuro Premium Billing and Collection Workflow
Streamline your insurance operations with our optimized Premium Billing and Collection Workflow. Automate policy invoicing, track real-time payment statuses, and reduce delinquency rates with a seamless, end-to-end process designed to accelerate cash flow and enhance policyholder retention.
This Template was installed 4 times.
Start
Start of the Workflow/Process.
1. Fetch Unpaid Invoices
Retrieve all entries from the Invoices data model where status is 'Unpaid' and due date is past.
2. Calculate Total Outstanding Balance
Sum the 'Amount Due' property from all retrieved unpaid invoice entries to determine total debt.
3. Calculate Late Fees
Apply a percentage-based formula to the unpaid amount based on the number of days overdue.
4. Update Invoice with Late Fee
Update the 'Total Amount Due' field in the specific Invoice entries to include the newly calculated late fee.
5. Send Payment Reminder
Send an automated email to the client's email address found in the Invoice data model with the updated amount.
6. Assign Collections Agent Task
Create a task for the Accounts Receivable user to manually verify the updated invoice details.
7. Create Collection Log Entry
Create a new entry in the 'Collection History' data model to document that a reminder was sent.
8. Check Client Credit Limit
Retrieve the 'Credit Limit' property from the associated Client data model.
9. Determine Credit Risk Level
Compare Total Outstanding Balance against the Client Credit Limit to calculate a risk ratio.
10. High-Risk Alert Task
Create a high-priority task for the Finance Manager if the risk ratio exceeds a predefined threshold.
11. Send Urgent SMS Notification
Send a short SMS alert to the client's registered phone number for invoices overdue by more than 30 days.
12. Generate Weekly Delinquency Report
Generate a summary report containing all aggregated unpaid amounts and late fee totals for management review.
13. Update Client Account Status
Update the 'Account Status' in the Client data model to 'On Hold' if the total debt exceeds the credit limit.
14. Remove Duplicate Notifications
Delete redundant or errored reminder entries from the Collection Log to maintain data hygiene.
End
End of the Workflow/Process.
Start of the Workflow/Process.
Retrieve all entries from the Invoices data model where status is 'Unpaid' and due date is past.
Sum the 'Amount Due' property from all retrieved unpaid invoice entries to determine total debt.
Apply a percentage-based formula to the unpaid amount based on the number of days overdue.
Update the 'Total Amount Due' field in the specific Invoice entries to include the newly calculated late fee.
Send an automated email to the client's email address found in the Invoice data model with the updated amount.
Create a task for the Accounts Receivable user to manually verify the updated invoice details.
Create a new entry in the 'Collection History' data model to document that a reminder was sent.
Retrieve the 'Credit Limit' property from the associated Client data model.
Compare Total Outstanding Balance against the Client Credit Limit to calculate a risk ratio.
Create a high-priority task for the Finance Manager if the risk ratio exceeds a predefined threshold.
Send a short SMS alert to the client's registered phone number for invoices overdue by more than 30 days.
Generate a summary report containing all aggregated unpaid amounts and late fee totals for management review.
Update the 'Account Status' in the Client data model to 'On Hold' if the total debt exceeds the credit limit.
Delete redundant or errored reminder entries from the Collection Log to maintain data hygiene.
End of the Workflow/Process.
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