Paylogix® News

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Online Commission Accounting Now Available from Paylogix®:

(Westbury, New York, February 12, 2003)
Paylogix® (http://paylogix.com), a technology based provider of premier billing solutions to the worksite insurance and benefits industry, announces the availability of agent commission accounting within the Premium Solutions® online system.

This new service module provides automated agent commission accounting and reporting within a secure online environment. Producers are able to receive immediate payment for their in-force business upon receipt of premiums by Paylogix®, based upon the commission schedules established by the insurance providers. This process acts as a “self-service” accounting function, since commission payments will occur simultaneously with Paylogix®’s Common Remitter® processing.

Mulit-tiered agency levels and multiple-agent splits for both first year and renewal commissions can be supported by the system, with payment accounting tracked at the individual policyholder/participant level. Commission advances and payback schedule are enabled on a producer and/or per case basis.

In addition to traditional paper disbursements, commission payments may be direct-deposited to the producer’s bank account, with automated e-mail notification when a commission deposit is made. Paylogix® empowers producers with access to real-time information, as well as expediting the commission accounting process, thereby relieving the provider of the administrative burden. Both producers and providers have online access 24/7 to account status with the ability to view current and historic commission and client account activity. Additional utilities include a tardiness report to monitor client payment activity as well as direct notification for past due and billing status changes.

Founded in 1995, Paylogix® pioneers and incorporates innovative technologies like their web-enabled Consolidated Billing® system to provide cost-effective Premium Solutions® and expert service to their clients. Paylogix®’s web-enabled solutions are available through a true application service provider (ASP) lease arrangement, or as a full-service third party administrator (TPA) process. Paylogix® currently provides premium management solutions to prominent insurers, producer groups, and group benefits providers throughout North America. More information about Paylogix® can be found on the Internet at http://paylogix.com. Interested parties should call (800) 622-4131 or e-mail: