Mobile Disbursement Technology Set to Transform Insurance Industry

If You Are Not Embracing Mobile In To Your Disbursement Strategy,

You May As Well Be Doing This!

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Insurance Claim Payments and Customer Satisfaction – Oxymoron?

To an average person, insurance practices have always been a mystery. There are many regulations, incomprehensible jargon and long periods of wait. It is a common phenomenon among insurance companies’ customers to perceive having a policy as a necessary evil due to the coldness and tardiness of the system. But how can it be considering the fact that insurance products are all about people? With the market becoming more and more difficult, the industry has started to realize the importance of the customer satisfaction. The notion went even further – the industry leaders finally noticed the link between the bottom line and the insurer-insured relationship.

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Have & Have-Not Companies relative to Outbound Payment Processing

There are three primary schools of thought regarding all forms of disbursements in organizations from anyone responsible for any form of disbursement for any given company:

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Improving Claims Processing – Why Does the Insurance Industry Need It?

Reason # 1 – Increase Profit by Providing Better Customer Experience and Satisfaction

With changing times, customers’ needs also evolve. Not only do the customers search for new insurance products, but they also look for new, better experiences with their insurance companies. These days, the customer’s loyalty directly depends on excellent customer service provided on the consistent basis. Sadly, the basic thing that customers expect from their insurers – open communication – is often unachievable. Another thing that is very desirable for customers is mobility and speed. Not surprisingly, the claims are in the center of those needs and the way how each claim is handled can make or break the relationship with the insurer.

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Tags: payment disbursement hub, insurance claims processing, claims processing improvement, increase customer satisfaction in insurance indust, lower cost of processing claims, reduce cost of processing claims, insurance industry trends, PayPilot, problems insurance industry faces, mobile insurance solutions, PointPay

How Claim Payment Processing Can Make or Break an Insurance Carriers Reputation...

...Especially During Catastrophic Events (CATs)!

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Tags: issue payments electronically, nimbleness straight through processing, disbursement hub, issue claim payments, issue payments, claim payments, claim settlements, enterprise-wide middleware, insureds, Catastrophic Events, CATs

Issuing outbound payments via cards help reduce processing costs!

Let Your Checks Bounce?

Guest Blogger for
Prelude Software:
Larry J. Kane
iCareCard

So, you make a lot of payments every month, right? And, if you are like most companies, a good majority of those outbound payments are in the form of a check or an ACH transaction. You spend a lot of money and effort to issue those outbound payments, and you don’t get any “bounce” from your efforts. In fact, what you do get is the expense of cutting the check, which some statistics claim can be as high as $20.00 each, or creating the ACH file, etc. And to reward you even more for your efforts, you get the task of trying to obtain a Routing Number and Account Number from your payee if you want to pay by ACH, or the cost of tracking lost checks, re-issuance, reconciliation, etc, etc. So where is the bounce for you and for your payee? When you pay by check or ACH the payment is made; the money gets spent and the transaction has no more life, and no reward for either you or your payee.

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Tags: ACH, disbursement workflow, cost savings, payments by cards, disbursement processes, issue claim payments, issue payments, checks, MICR checks, reconciliation, payee, transaction, claim settlements, insureds, same-day cash, iCareCard, re-issuance, reward, loaded, reloaded, Visa, discounts, payroll, commissions, dividends, refunds, interchange, fees, funds

Key Acts of Preparedness for CATs: Claim Payments on Location.

Are America's Insurance Companies Ready To Issue CAT Claim Payments On Location?

Bill Clausen
EVP – Industry Relations

As natural catastrophes in the United States continue to test the mettle of the workflows and processes of the North American Property & Casualty (P&C) insurance industry, each event is further exposure of each individual insurance company’s ability to live up to the expectations of their agents, field staff and most importantly their insureds. At first blush, the opportunity is to evaluate the damage and start the process, but the reality is at that given moment, the trust and investment of premiums from that claimant up to that event is about to become the insurance company’s validation that the insured made the right choice and should continue to stay loyal.

Many key acts of preparedness are integral for the insurance company to correctly handle this event. However, none are more important than the adjuster’s ability and flexibility to issue a claim payment on location and begin to make the claimant whole. It is at this moment, the insurance carrier either lives up or down to the expectations of the insured.

Important considerations: Can the adjuster issue claim payments on location or is it mailed out from corporate home office? The delay can feel like an eternity when the claimant needs food and shelter. If the adjuster can issue payments on location, will it meet the company’s business rules for safety, security and control or is it considered ad-hoc from the typical workflow? If the adjuster is handwriting checks, how do you handle the check inventory and signature authority, manage the approval process, the influx of human errors, the delay in synchronization with backend processes like tying to the claim or batching for positive pay protection? If your adjusters issue payments by cards, are they pre-loaded or loaded real-time? If the cards are pre-loaded, how do you handle the inventory, shelf life and risk exposure of essentially “real cash on hand”?

Solutions like Prelude’s PayPilot® and PointPay® help to make it possible to safely, securely and efficiently issue claim payments on location whether by check, ACH or card. PointPay even enables field staff to issue payments even if there is no internet connection as can happen during a CAT. Prelude’s solutions are designed for Insurance companies. We are experts in the nuances of backend source systems inherent in the insurance infrastructure. For over 22 years, Prelude has enabled companies to more efficiently run their disbursement processes while increasing security, scalability and control. We make it possible to extend the lifecycle of your existing systems while satisfying all of the requirements to stay competitive, compliant and increase customer satisfaction.

As we know, the new age of social media has made it possible for people to share their positive and/or negative feelings with the world via a few simple keystrokes. For insurance companies, the classic modus operandi of looking for a win-win is paramount. Anything less than a fair shake for the insured is a recipe to undo a legacy of excellent customer service. Customers want you to treat them the way you would want to be treated. And, as more and more ease-of-doing- business practices are pervasive in our lives, those expectations become the norm, especially during a crisis.

For more information about Prelude, our solutions and our clients, visit us at www.PreludeSoftware.com or contact Bill Clausen at 508 650-0033 x321 or bclausen@preludesoftware.com .