For the workers’ comp line of business, Origami now offers the ability to collect a security deposit when a monthly or bi-monthly pay-as-you-go payment plan is selected for periodic payroll reporting by the insured. The security deposit amount is in addition to the policy premium and is held separately throughout the tenure of the policy. This solution provides flexibility for various use cases:

• Set up a security deposit percentage on pay-as-you-go payment plans. A security deposit threshold can be set to collect a security deposit only if the policy premium exceeds the threshold. 
• By default, the security deposit will be calculated on the premium amount (excluding taxes and fees) of the policy. However, you can easily switch the calculation to include taxes and fees.
• The security deposit amount remains available on the policy and can be easily used to pay any unpaid payroll invoices during the policy term. It can also be used to pay outstanding dues after the audit. 
• The unused security deposit amount will roll over to the renewed policy. However, a configuration setting can allow the amount to stay with the current policy term. The unused amount can be returned back to the insured at any time, and in such a case, the policy renewal recalculates the security deposit for the renewed term of the policy. 
• Lastly, a security deposit can be manually created on a policy with a user-defined amount. This may be particularly useful when additional amounts need to be secured due to changes in policy coverages/premium.

Workflow Enhancements

• The new Optimized Agency Statement workflow can handle the large volume of data on agency statements and agency payment allocation workflow. This is especially useful when a large volume of agency transactions are imported from external systems.
• As part of an enhanced agency billing workflow, the written premium commission basis is now aligned with policy processes. Now when a policy is endorsed, cancelled, or reinstated, the related commission is tied to the invoice of that particular event.  

Pay-as-You-Go Payroll Invoicing Testing

• Origami users can now manually report a payroll for a current or future period. You can run a test by reporting payroll for a future period.

Elimination of Pay-as-You-Go Auto-Invoicing

• Historically, if auto-invoicing is turned on, all pending invoices are automatically invoiced  on their due date. 
• Now, pay-as-you-go invoices will no longer be automatically processed and will be omitted from this automation since they are manually reported by the insured. 

Reverse Unallocated Payments

• If a payment is entered incorrectly and cannot be allocated to any policy, it can now be reversed. 

Reverse Premium Refund Transactions

• If an overpayment was refunded to the insured and it’s later determined that the funds could be used to allocate to another policy the insured has, the refund transaction can be reversed if the check has not yet been issued. 
• If the check has been issued but can still be voided, then the refund can be reversed after voiding/cancelling the check. 

Reverse Payment Using Lockbox

• When using a lockbox setup to import payment transactions in Origami, a file could contain a reverse payment transaction. 
• Now, Origami can now read the reverse transaction and create a payment reversal.

Check Generation Enhancement

• If a premium refund check is cancelled, the user can recreate a new check from the cancelled check.
   

Disclaimer Display

• If you are making an online payment, prior to redirecting you to a third-party payment vendor, a message can now be displayed to inform you that you are leaving Origami to make their payment.
• This disclaimer is sometimes required for compliance purposes. 
• This new feature can be used with any payment vendor.

Agency Account Sweep

• You now have the ability to set up agency account sweep with One Inc. to collect policy premium from an agency's bank account
• There are scenarios when an agency collects payment from the insured at the time of binding a proposal and later deposits the payment to the carrier. This is not an agency bill scenario as the carrier direct bills the insured for future invoices after the policy is in force. 
• In order to collect the initial payments from the agency, you can use the account sweep feature. The agency deposits the money into their bank account, and that bank account is linked with the One Inc. sweep setup.

Please click here to learn more about our integration with One Inc.