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Insurer Chubb has announced that it will soon launch a new accounts receivable operating model in Australia, to enable the company and its business partners to get paid in a more efficient manner.
The new approach to premium collections, which will be rolled out for the first time across Chubb’s global network, is set to benefit broker partners through the earlier payment of commissions, reduced administration costs, and a clear and concise protocol on the collection of overdue premium.
The model will usher in a number of changes to Chubb’s existing accounts and receivable practices, including tighter enforcement of credit terms and a new automated process for the collection of unpaid premium.
“We understand that these changes will prompt a number of adjustments to the processes of our broker partners and we are committed to helping make the transition seamless,” Chubb said in a statement.
Broker partners will soon be contacted by Chubb’s management and finance teams to explain the rationale behind the project, as well as the benefits it could bring to their respective businesses.
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