Over the past few years I have learned a lot about payment options with insurance companies. Sometimes we receive checks payable to Maxons, our insured and a mortgage company, this is known as a 3 party check. When these checks are over $10,000 the mortgage companies require that we follow certain procedures to ensure our work was performed, charged and paid correctly. When they determine it’s all finished and proper they will sign off on our check enabling Maxons to be paid. This procedure can either be done by the insured or Maxons and 99% of the time the insured will opt for us to do this for them.
This process can be quite time consuming, and I have discovered, requires lots of specified communication; from us to the insured and then back to the mortgage company and then do it all over again.
Through all these requirements and paperwork I have learned that “communication is key” with our insured and their mortgage company. We are acting on behalf of the insured so it is imperative that we have all the information as it is requested by the mortgage companies.
Many times because I am dealing with large call in centers in these matters one person will ask for something that another person may have either overlooked or forgotten about. I then have to go back to our customer and get the additional information and then send back to the mortgage companies.
Without good communication on all sides we would struggle to receive payment for our services!
~Cynthia Nathan, Accounts Receivable Manager