Reseller Wins Insurance Remittance Project

This RP Solutions reseller replaces outdated technology with a new insurance premium processing solution.

(This article appeared in our PaymentMatters newsletter)

IT implementations often are spurred by either antiquated failing technology or a manual system rife with inefficiencies and prone to human error. The latter situation was encountered by Professional Computer Services (PCS) at a large insurance company.  As is the case with companies in most document-laden industries, the insurance company found itself spending too much time on manual remittance processing.

Under the manual processing system, the insurance company would receive payment coupons, along with payment checks, via mail.  Employees were required to type the coupon information into the accounting system, separate the checks from the coupon, bundle and total the checks, and deliver the checks to a financial institution for deposit.

“Because the insurance company had specific needs concerning the disbursement of remittance information, we selected the Panini S1 Vision 170 scanner,” according to PCS.  “The Panini 170 utilizes pockets to handle the separation and sorting of different payment streams.”  PCS turned to RP Solutions for their ExpertRPS remittance processing software.  The ExpertRPS application allows the insurance company to scan premium payment information, transmit key field data to the company's financial software, and electronically send checks to the company's financial institution in a Check 21 format.  “In addition to electronically submitting check information, the ExpertRPS software uses mark-sense-detection to process address changes and accept customer credit card payment information.”

The insurance company was able to achieve its goal of eliminating the number of man-hours spent on manually processing premium payments.  Their insurance remittance solution also allows them to retain the check images for archival research purposes.

(Reprinted with permission from Business Solutions Magazine)

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