Reporting and Reconciliation
Report and Reconcile Payments Across Inbound and Outbound Payment Types, Methods, Channels, and Batches.
Insurers who don’t prioritize operational efficiency are at a much greater risk of failing to deliver the omnichannel digital experience that both customers and agents expect. Per KPMG and Acord, many of those insurers who have been focused on increasing operational efficiency are still falling behind.
Manually reconciling insurance premium payments back to insurers' billing systems and then ultimately back to applicable insurance policies is an extremely error-prone and burdensome process. The more manual and inefficient an insurer’s back-office processes are, the more potential exists for errors that can impact the customer. Imagine a customer’s insurance policy lapsing from a failure to apply cash correctly from premium payments. It’s that easy to lose a policyholder’s trust and business.
With the use of next-gen payment technologies, the most routine treasury functions can be managed largely with automation and self-service options. Insurers can quickly access accurate and consistent information, enabling allocation of staff resources to value-added activities that provide a much better customer experience.
Next-Gen Technologies Enable Better Resource Allocation and Improve Customer Experience.
Curated for Finance and Treasury teams, CSRs and executives, our Administration Portal is designed to deliver an easy, fast and personalized user experience.
We provide API-driven programmatic reconciliation of payment transactions through settlement. Insurers can report and reconcile payments across payment types, methods, channels and batches.
With our auto-matching feature, accountants save time and effort reconciling bank account activity, especially beneficial for multiple premium trust accounts. Automatic notifications are delivered when accelerated account matching is complete.
Data is updated and accessible in real-time as payments happen, so you can make informed decisions based upon new and accurate data. Includes chargebacks and declined payment attempts to ensure accuracy.
Designed for insurance use cases, our transactional search function provides advanced search capabilities for insurance payment transactional data. Includes ‘Saved Searches’ and ‘My Reports’ functionality to save preferences, streamline workflow and provide fast access to frequently run reports. Includes the ability for insurers to refund premium (partial or full) directly from search results, adding ease and speed.
Our financial and analytics dashboards allow insurers to easily consume financial summary data and analyze trend drivers down to the transaction level.
25%
Premium Dollars Consumed By Operating Expenses
55%
Insurers Not Meeting Operational Efficiency Improvement Goals
KPMG Report Operational Excellence in Insurance
Align your payment experience with core systems and securely process credit card and ACH payments.
Deliver fast, secure digital claims payments through payees’ preferred channels and methods.
Digitize Your Back-Office to Reduce Risk, Increase Efficiencies and Improve Experience
