Finance Operations Tasks

9 tasks handled by the Finance Operations back office, the downstream processes that Member Servicing hands off to.

Finance Operations 9 tasks

Task	Source	Process	Agent?	Automation?
Credit Card Payments - Phone	Phone	Payment received by Member Support, they will check to confirm if paid to date and DD reset. All other steps as per the online method.	—	—
Credit Card Payments - Online	Anypay PX report	Report for card payments received and reviewed for previous day. Go into policy, check the payment status (ensure notes and arrears amounts tally with payment made). Once happy, go into Unit 4 to allocate the payment. Check if DD active, if active, no action; if not, Finance will contact the member first by phone then by email to confirm DD reset. Once done, a note is put on the policy.	No, manual update required in Unit 4	—
Reinstatements	Admin, Member Support or New Business	Finance will check policy to confirm if reinstatement should occur. Note sent back to admin to confirm. Once reinstated, Finance will check payments, see if new DD required or if any premiums are to be waived. Must be done before the DD run.	No, o/s premiums and DD run timing	—
Holloway Payments	Admin	Email explaining payment needs to be released. Finance checks the amount is correct. Adjustments sometimes needed, then go to Unit 4 to release. Bank details may need updating if a different account is used.	No, Unit 4 interaction	—
Cancellation	Admin / Member	Check Highway to confirm correct cancellation date, check subs screen. If refunds due, process Contra in Unit 4. Check bank details match, ensure electronic payment for payment run. Reconcile any over/underpayments from cover changes.	Potentially, simple cancellations	Yes, Contra button and COP
Direct Debit Mandates	Member Support (email)	MS updates DD in Highway. Finance checks policy, confirms mandate goes to bank electronically. Manually creates letter to member. Change of bank details letter amended for future collection date before sending.	No, too much complexity on future schedule	—
Queries	Various internal and external	Assorted requests: payment enquiries, previous payment history, proof of payments, invoices, commission enquiries, claims payments and WOP.	—	—
Change of Bank Details	Member Support	Similar to change of mandate. However, when a DD is rejected for “refer to payer”, the mandate is not sent when resetting the DD. Collection date changes also won’t trigger a mandate to the bank.	—	—
Death Claims	IP Claims and Admin	Check bank details and indemnity form. Admin notifies Claims of payment details. IP Claims notifies Finance once payment made. Finance verifies amount is correct and payment is good to go.	—	—