GPS provides our Partners with an easy to use – one stop – accounting operation that handles ALL aspects of premium, taxes and fees collection and disbursement for all international placements whether premium is collected centrally from the Partner, locally from the network, or a combination of the two.
Reports are provided on an account by account or country basis. This approach makes it easy for the Partner to reconcile each account and integrate this information into their own accounting system. Globex leverages its volume with local carriers to resolve problems as required.
GPS is offered in conjunction with our underwriting services. Key aspects of this service are as follows:
- Centralized premium collection
- Centralized premium disbursement
- Verification of payment to local fronting companies
- Verification of payment from local fronting companies to the Partner
- Reconciliation on an “account by account” basis
- Seamless currency conversion
- Remittance services via wire
A dedicated account is set up for each Partner Market. Globex manages the bank account, handles premium transactions and makes wire transfers for local placements.
There are three collection methods for GPS in accordance with the insured’s preference and particular country requirements – Central Full, Central, and Local.