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> Insurance Payment Processing

Expanding Complexity of Payments

As insurance companies expand the breadth of products they offer, the complexity of processing premiums, and other types of payments received expands as well.  These payments often cannot be accepted if the documentation is incomplete and so the need to accurately capture and extract data relating to a payment is becoming even more important. Annuities, mutual funds, college savings plans, and other financial services being offered are very data rich and, when paper based, pose a significant processing challenge.

As “clean” payments become more automated, exception payments are increasing as a percentage of overall transaction volume.  Most traditional retail remittance applications are not designed to deal with these exceptions and may require investment in supplemental systems, implementing difficult work processes, or extensive programming to accommodate these more complex payments.  ImageScan’s RemitTrac® for Insurance with advanced imaging and character recognition handles them in stride.  Whether you receive payments at multiple locations, agent offices, or only at centralized sites you should talk to us to see how we can help.

Solution Benefits

ImageScan’s solution offers a compelling payback/ROI for the site handling insurance or other financial service payment transactions in that we:

  • Image all documents
  • Substantially reduce labor and other processing costs
  • Reduce errors
  • Speed cash availability
  • Offer complete and efficient data extraction
  • Eliminate paper filing & storage
  • Improve your customer service with instant access to information and images

Solution Features

Remote or centralized facilities can accept payments for any transaction type – check only, remittance coupon, or payments accompanied by full page documents such as application forms, annuity payments or corporate payments on behalf of multiple beneficiaries. The remote site hardware imaging system is small and inexpensive and the payment processing is handled by the same application as the high volume centralized system and provides equivalent and uniform procedures and controls. Other features include:

  • Easy to use, intuitive document scanning process requiring little training
  • Fast presentation of highlighted fields so operators do not have to navigate forms
  • Presentation of enlarged images of the fields being entered
  • Auto-fill of dates, zip code/city and application specific fields to eliminate keystrokes
  • “Hot keys” and programmable function keys that fill data
  • Quality Assurance (double-key every nth document) tracks statistical errors
  • Intelligent Form Identification
  • Intelligent Character Recognition (ICR) for hand-print, machine-print or check-marks
  • Integrated business rules that flag errors in real-time
  • Integrated workflow that routes exceptions to supervisor while the operator continues
  • Image data entry that can be made remotely over the web
  • Tools that can redact certain data fields from view for security reasons
  • Multiple entry passes (different fields by different operators) for increased security and performance
  • Complete audit trail tracking transaction “touches” to meet regulatory compliance
  • Comprehensive production statistics and detailed reporting

If you have complex paper-based payments that need processing on a regular basis contact us to see how we can help you . If you want to learn more on-line, click here