Network launches client money receipt servicing service to cut broker admin burden

Hedron Network has launched a new client money receipting service following a successful pilot with partner brokers.

The tool manages day-to-day receipting and month-end closures, with the service aiming to save brokers time.

Maisie McCallum, insurance broker accounting manager at Hedron, said the service had freed up time for brokers while ensuring premium was quickly available for use.

She explained: “Our broker partners have been really pleased with the results and we’re keen to encourage more partners that use our client money services to speak to us and organise a trial.

”This forms part of our strategy to position Hedron as the future-thinking network, by providing improvements to broking administration and remaining fully compliant too.”

McCallum added that Hedron also wanted to engage with brokers not currently using its client money services, noting that she was confident these firms could “both de-risk and become more efficient” through the proposition.

Broker feedback

Clacton-based Nimmos Insurance Brokers was the first partner to trial the service. Director David Knott said the receipting tool had helped the firm focus on client work rather than administrative tasks.

He said: “We agreed to pilot the Hedron client money receipting last year and the process has helped us immensely as a small broker firm so that we can spend more time working with clients rather than making payments and allocations.

“I would thoroughly recommend this to any broker looking to free up resources to do what we are here for and help look after clients.”

McCallum concluded that feedback from Knott and other participants in the pilot “reinforced our decision to extend the rollout to all our partners”.