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Insurance Payments Solution Details

> ImageScan specializes in solutions that process complex payment transactions with speed and precision and will enable you to process all incoming payments without extensive pre-sorting or programming

As an insurance company you may be expanding your product range beyond the traditional property casualty or life products. As you do so, the complexity of processing the premium and other type’s of payments you receive expands as well.  Annuities, mutual funds, college savings plans, healthcare, and other financial services are being offered. These newer products are being handled by branch offices as well as centralized locations and this puts an increasing premium on policies, procedures and compliance. All things that ImageScan can help you manage.

Customers preferring not to make multiple payments to the same company will combine payments (one check, multiple accounts) leaving you to figure out the proper distribution.  Payments are also made to remote offices or agents/brokers who will forward one check covering multiple policyholders.  Other complexities occur when internet billing services create unknown non-standard remittance coupons or no coupon at all.   Payments with new applications or modifications encounter different processes, additional data entry and may require physically separating the check from the transaction documents.  Combined, these issues create a well known phenomenon in the payment world called “exception processing”.  The “80/20 Rule” also applies to the cost of dealing with these exceptions – 80% of the processing costs are for 20% of the payments, so it is particularly important to have them efficiently handled. Our decisioning product may be of particular interest in these situations.

The ImageScan RemitTrac® Solution

ImageScan specializes in solutions that process complex payment transactions with speed and precision and will enable you to process all incoming payments without extensive pre-sorting or programming.

Sorts are reduced to three categories check only, checks with documents, and document only.  It does not matter what the form types are, or if there are scan-lines, or multiple remittance coupons or checks per transaction.  RemitTrac® is designed to reconcile and balance every transaction type.

Transactions can be full page, coupon sized, or mixed.  We utilize the latest mixed document transports from IBML and OPEX, and high-speed transports from NCR. Checks are accurately identified and physically sorted to special pockets on the transports, but the image of the check with supporting documents remain intact. . 

For remote offices, ImageScan systems accept checks, remittance coupons and full page documents.  The system automatically assures check quality according to the Financial Services Technology Forum (FSTC) standards, for subsequent image deposit (Check 21).

Checks are automatically read through highly tuned CAR/LAR (Courtesy Amount Read/Legal Amount Read), MCAR (Enhanced Machine-printed Amount Recognition) engines, with amounts validated through high speed Image Amount Entry and Amount Reconciliation.  The amount validation is obtained from a scan line, account number, check-box amount, common amount or entered amount.  This assures that checks are accurate and balanced to the accompanying order documents in the most efficient manner possible. 

For multiple accounts, RemitTrac® accommodates multiple dissimilar remittance documents without special separation, and splits the payment and applies the correct amounts to separate systems without special programming.

Checks are encoded for deposit before or after completion of the remaining data capture.  Deposits can also be made via image (Check 21) or Accounts Receivable Clearing (ARC) or processes credit card transactions by capturing and transmitting credit card information and applying authorization responses to the transactions. 

For capturing all other data fields from list-pays and application documents, ICR or bar-code is used to capture deposit amounts, account numbers and other pre-printed data.  Hand-print ICR and check-box recognition also improves the speed and quality of processing new applications and accurate, fast, key-from-image data entry is used to process non-ICR readable forms. 

We understand that insurance carriers cannot control all payment documents – some are from third parties, and therefore we have created utilities that are specifically designed for fast applications development by your operations staff.  For example extensive menus using GUI check boxes eliminate the need for custom programming or release scripts and therefore new forms or payment types can be brought into production quickly.

RemitTrac® provides real-time access for research and incorporates export tools for image, index and data hand-off to all major document management repositories. In short we offer a complete solution for all your transaction processing needs.  For further information on how we can streamline your processing operations please contact us.

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