Prelude's Insights on Outbound Payments Blog
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Prelude's Insights on Outbound Payments Blog

The top 5 reasons Insurance Carriers are slow to implementing new payment methods

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Tags: issue payments electronically, remittance data, integrity of payment data, provides transparency, self-service capabilities, bank agnostic, disbursement workflow, nimbleness straight through processing, cost savings, lifecycle of existing systems, add-on components, disbursement hub, Outbound Payment Processing, disbursements, make the process better, primary drivers, changes to process, regulation, security, competitive threat, flexibility, cost of issuing a paper check, improve process, paper, approvals, wet signatures, individual payments, vendors, bulking, single payment, remittance.electronic payments, issuing payments, electronic remittance, Positive Pay, Payee Positive Pay, reduce risk, Single Use Accounts, SUA, card payments, bank account information, recurring payees, issue payments to the one-off payees, payments via cell phone and email, bank account info, originating systems, methods of payment, ancillary processing, control, issuing outbound payments, reduce the costs of issuing payments, speed of the transaction, new payment methods, payments by cards, payments on location, disbursement processes, issue claim payments, issue payments, claim payments, checks, MICR checks, reconciliation, payee, transaction, claim settlements, enterprise-wide middleware, 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, electronic payment, problems insurance industry faces, mobile insurance solutions, PointPay, insureds, Catastrophic Events, CATs, Funny Insurance Ad, Prelude's Payment Tips, Trends and Observations, same-day cash, iCareCard, re-issuance, reward, loaded, reloaded, Visa, discounts, payroll, commissions, dividends, refunds, interchange, fees, funds, safety, OFAC Compliance, US Patriot Act, fraud protection, fraud prevention, check fraud protection, check fraud, fraud, check fraud prevention, System Integration, 1099 Processing, virtual credit card payments, virtual credit and debit card payments, virtual card payments, how do virtual card payments work, in-n-out single use card, single use cards, single use card number, accept virtual credit card payments, virtual card payment implementation, virtual card payment, single use card numbers, credit card single use number, single use card, virtual card payment program, virtual card payment solutions, virtual card payments healthcare providers, receiving virtual card payments, virtual card for provider payments, multi-party ACH payment, eChecks, electronic checks, MasterCard Send, direct-to-debit payment, WEX, Deluxe, PartnerConnect, Partner, Partners, Guidewire, Accelerator, Accelerators, Zelle, Payee Payment Portal

Disbursement Hub: Build, Buy or Outsource?

 

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Tags: AAA Insurance Exchange, AAA NCNU, payment processing, ACH, issue payments electronically, remittance data, disbursement workflow, nimbleness straight through processing, lifecycle of existing systems, disbursement hub, Outbound Payment Processing, disbursements, changes to process, flexibility, cost of issuing a paper check, improve process, approvals, bulking, remittance.electronic payments, issuing payments, electronic remittance, Positive Pay, Payee Positive Pay, Single Use Accounts, SUA, card payments, issue payments to the one-off payees, originating systems, methods of payment, ancillary processing, issuing outbound payments, reduce the costs of issuing payments, new payment methods, payments by cards, disbursement processes, issue claim payments, issue payments, claim payments, checks, MICR checks, reconciliation, claim settlements, enterprise-wide middleware, payment disbursement hub, insurance claims processing, claims processing improvement, lower cost of processing claims, reduce cost of processing claims, PayPilot, electronic payment, mobile insurance solutions, PointPay, Catastrophic Events, CATs, OFAC Compliance, US Patriot Act, fraud protection, fraud prevention, check fraud protection, check fraud, check fraud prevention

Transaction pricing model makes payment processing frictionless

PayPilot® and its transaction pricing model make outbound payment processing frictionless

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Tags: payment processing, ACH, issue payments electronically, remittance data, self-service capabilities, bank agnostic, disbursement workflow, nimbleness straight through processing, cost savings, lifecycle of existing systems, disbursement hub, Outbound Payment Processing, Outbound Payment Processing, disbursements, make the process better, changes to process, competitive threat, flexibility, cost of issuing a paper check, improve process, approvals, bulking, remittance.electronic payments, issuing payments, electronic remittance, Positive Pay, Payee Positive Pay, card payments, bank account information, bank account info, originating systems, methods of payment, ancillary processing, issuing outbound payments, reduce the costs of issuing payments, new payment methods, payments by cards, payments on location, disbursement processes, issue claim payments, issue payments, claim payments, checks, MICR checks, reconciliation, transaction, claim settlements, enterprise-wide middleware, payment disbursement hub, insurance claims processing, claims processing improvement, lower cost of processing claims, reduce cost of processing claims, insurance industry trends, PayPilot, electronic payment, insureds, Catastrophic Events, CATs

A CIO’S SECRET TO SAVVY OUTBOUND PAYMENT PROCESSING

 A CIO’S SECRET TO SAVVY OUTBOUND PAYMENT PROCESSING:

THE DISBURSEMENT HUB

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Tags: payment processing, ACH, issue payments electronically, bank agnostic, disbursement workflow, cost savings, lifecycle of existing systems, add-on components, disbursement hub, Outbound Payment Processing, Outbound Payment Processing, disbursements, make the process better, changes to process, flexibility, cost of issuing a paper check, improve process, paper, approvals, bulking, issuing payments, electronic remittance, Positive Pay, Payee Positive Pay, card payments, bank account information, issue payments to the one-off payees, bank account info, originating systems, methods of payment, ancillary processing, control, issuing outbound payments, new payment methods, payments by cards, disbursement processes, issue claim payments, issue payments, claim payments, checks, MICR checks, reconciliation, transaction, claim settlements, enterprise-wide middleware, payment disbursement hub, insurance claims processing, claims processing improvement, lower cost of processing claims, reduce cost of processing claims, insurance industry trends, PayPilot, electronic payment, Catastrophic Events, CATs

PayPilot Enables ASO's Use of Electronic Payments

Many large businesses have decided to utilize a self-funded health insurance plan, administered through Administrative Services Only (ASO) from a health insurance carrier, to cover the medical expenses of their employees.  ASO plans help businesses control cost, offer flexibility and retain employees.

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Tags: payment processing, ACH, issue payments electronically, remittance data, integrity of payment data, self-service capabilities, bank agnostic, disbursement workflow, nimbleness straight through processing, cost savings, disbursement hub, Outbound Payment Processing, Outbound Payment Processing, disbursements, make the process better, changes to process, flexibility, cost of issuing a paper check, improve process, paper, individual payments, single payment, remittance.electronic payments, issuing payments, electronic remittance, Positive Pay, Payee Positive Pay, Single Use Accounts, SUA, card payments, bank account information, bank account info, originating systems, methods of payment, ancillary processing, control, issuing outbound payments, reduce the costs of issuing payments, new payment methods, payments by cards, disbursement processes, issue claim payments, issue payments, claim payments, checks, MICR checks, reconciliation, payee, transaction, claim settlements, enterprise-wide middleware, 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, electronic payment

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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Tags: payment processing, ACH, issue payments electronically, disbursement workflow, nimbleness straight through processing, disbursement hub, disbursements, security, single payment, issuing payments, Single Use Accounts, SUA, bank account information, issue payments to the one-off payees, originating systems, methods of payment, ancillary processing, issuing outbound payments, speed of the transaction, new payment methods, payments by cards, payments on location, disbursement processes, issue claim payments, issue payments, claim payments, claim settlements, payment disbursement hub, insurance claims processing, claims processing improvement, reduce cost of processing claims, insurance industry trends, mobile insurance solutions, insureds, Catastrophic Events, CATs, same-day cash

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 .

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Tags: payment processing, ACH, issue payments electronically, payments by cards, payments on location, disbursement processes, issue claim payments, issue payments, claim payments

Do you know the items on the Disbursement Hub Checklist?

Disbursement Hub Checklist

Learn the key items to consider when implementing a disbursment hub for your organization. 

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