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Trust Account Outsourcing Technology

Ø  The concept of trust account management outsourcing is new in the P&C insurance industry. It has never been attempted. It has become possible with the advent of Trust Ledger Accounting and Trust Account Outsourcing Technology.


Ø  Premium funds are placed in a separate ledger of accounts, outside the agency’s general ledger, and reported on a separate Balance Sheet.


Ø  TL accounting and automation of the trust account operation made possible premium and commission management to be outsourced to a third party, in the same way agencies outsource the payroll. Premium and commission management was branded by Paulmar as “trust account management”.


Ø  The benefits of trust account outsourcing are significant:


v  Agencies can focus on sales and service;

v  Agencies’ workload  is significantly reduced so that agencies can:

§  Either lower operating costs or

§  Grow their business with no additional payroll;

v  Data and accounting records are complete and reliable;

v  Agencies will fully comply with fiduciary obligations;


For better understanding of trust account management concept click on the link below:

From Concept to Practice: Insurance Trust Account Management

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