We’ve compiled a list of benefits Cashroom offer that supports your PII proposal and some key questions to ask your broker to get the best for your firm.
At PII renewal time you need to show and demonstrate your law firm has processes and procedures in place to show it is a low risk to your provider. There is a lot to do when it comes to renewals and this can be a stressful time for firms, an outsourced finance function not only de-risks but streamlines efficiencies too.
How can Cashroom support your PII proposal?
Innovative and secure technology
Cashroom’s technology increases efficiencies, reduces risk and ensures compliance for law firms
Authorisation Processes
Authorisation processes in place to protect your firm and clients and reduce risk
Clear Audit Trail
Cashroom client’s benefit from a clear audit trail of requests which are easily accessible through the client portal
Open Banking Technology
Our open banking integrations and bank importer system means the risk of human error can be eliminated for incoming funds
Qualified and Experienced cashiers and accountants
Our cashiering teams are made up of ILFM/SOLAS qualified cashiers and chartered accountants and our in-house academy ensures knowledge of compliance regulations is always up to date
Communication Tracking
Each request is tracked in one single place and our client portal means the need for email communication is redundant, reducing risk for your firm
Streamline Workflows
Increase efficiencies with streamlined and automated workflows for your accounts
Counter cyber threats
Our processes and procedures through our client portal and our certifications means we can counter cyber threats for your firm
Cashroom are recommended by the PII market
“When we are talking to insurers on behalf of a firm, if we are aware that The Cashroom are providing the cashiering service, we always makes a point of explaining that by using Cashroom the firm is reducing their risk. If there were two very similar firms and one was using The Cashroom and the other was not, the insurers would always want to underwrite the one using The Cashroom before the other.”
“A good quality outsourcer will have robust recruitment and
supervision procedures to minimise internal fraud and error risks. These processes will be augmented using cutting-edge
technology, such as secure communication portals. Use of automation and task management tools will also minimise errors. Such factors have led insurers to view a top-quality outsourced finance functions as a better solution than in-house equivalents.”
Key Questions to ask your PII Provider:
1. Are you a specialist broker and what additional
support and assistance can you provide during
the year?
2. Which insurers can you access?
3. How quick is your turnaround to get our proposal submitted and an answer back?
4. Do you have a dedicated claims team?
5. Do you have an up to date proposal form and
business resilience questionnaire accepted by
multiple insurers?
Read full PII Bulletin here: PII Bulletin – Cashroom
This article was submitted to be published by Cashroom as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
