Insurance

Creditron is the payment processing solutions provider that leading insurance companies trust most to automate and streamline their receivables management.

creditron-insurance

The insurance market is constantly evolving and the resulting changes have a direct impact on how you manage your receivables. Mergers and acquisitions will continue to have a direct impact on receivables as insurance organizations onboard and consolidate additional work. New products, and responsibilities to new lines of business will continue to further complicate the task of processing payments.

Complementing the market changes is the continued increase in the number of exceptions. Regular payments are processed with no difficulty but AR groups within the insurance industry are being tasked with processing a number of increasingly diverse payments. A rise in payments made via Wire, ACH cards or electronic alternatives means less “straight-through” processing. Further complicating AR processes are the increasingly stringent governance surrounding reporting from both a state and federal level.

Creditron’s Enterprise Cloud Processing (ECP) platform offers a rich integrated receivables experience to tackle all of these challenges and more. The on-demand availability of relevant data, analytics & reporting empowers insurance organizations to make nimble decisions across various lines of business and best serve their business partners.

Integrated Receivables

Whether your payments are received through the mail, wire, ACH, web, mobile capture, or via a lockbox they still must be processed through to your A/R system and matched with your customer’s outstanding invoices. Creditron provides an Integrated Receivables solution that facilitates the consolidation of all incoming payments. This hub amalgamates payments and remittance data from multiple sources and merges them into one integrated payments file. This means one data base for exception processing, cash application and research and reporting.

Exceptions

As the volume of payments which can be processed with no human intervention declines, the amount of complex exceptions continues to increase. Whether payments are coming in as paper or through multiple electronic channels, Creditron offers a single hub to process them. These transactions can be managed internally or sent out to clients for further review all within Creditron’s powerful exception management toolset.

Remittance

Our solution offers end-to-end image-based platforms that automate the processing of scannable transaction documents across a wide range of payment applications.

The solution integrates advanced imaging, data recognition and electronic payment technologies to drive increased operations and IT performance and enhanced customer service. Built on a flexible, open systems architecture, our solutions provide unparalleled ease of installation, operation, management and support for insurance organizations.

System features include: real-time data indexing and image viewing; courtesy and legal amount recognition; user-configurable job setup; scalability with support for multiple scanners; check encoding and endorsement; image and data archive and delivery options (fax, e-mail, and Internet); and auditing and transaction reporting. We also feature a cashiering module for walk-up payments and can output images in X9.37 format for Check 21 compatibility and provide Accounts Receivable Check Conversion.

Automate Group Benefits Payment Processing

Processing employer payments for Group Benefits policies can be laborious and time consuming. Starting with keying a long list of policies all the way through to weeding out monthly additions and deletions can lead to increased DSO and customer satisfaction issues.

Creditron’s proprietary Cash Application module can be used to drastically reduce the manual efforts associated with Group Benefits Payment Processing:

  • Eliminate manually keying lists of data with Creditron’s “Rubberbanding” technology
  • Reduce manual validations by having the Creditron software verify the accuracy of the employer & employee policy numbers
  • Quickly identify net new additions and deletions via a direct integration to your policy management system
  • Strengthen compliance and audit capabilities by tracking the entire life cycle of a transaction from scanning all the way through to posting and image retrieval.

Benefits

  • Consolidate receivables from multiple payment channels on a single platform
  • Process on behalf of multiple lines of business is a unified, shared environment
  • Automate exception handling through powerful workflow rules
  • Aggregate reporting and research across channels and clients

Related Information

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