Case Study: Life Insurer Applies Unapplied Premium Payments Faster and with Less Effort
This Fortune 1000 Fraternal Life and Annuities Provider is among the largest in North America with millions of members and over $100 billion of life insurance in force. It provides permanent life, term life, long-term care and disability income insurance and retirement annuities, while supporting many charitable causes financially and through its members’ volunteer hours.
- PageCenterX (PCX) reporting solution
- Rules for applying non-standard payments
- Life 70/Ingenium (policy admin systems)
- Microsoft Outlook
- Blue Prism (RPA)
Policyholders remit premium payments to the Insurer in many ways. The application of premium payments accompanied by billing remittance is automated. Other payments types (e.g. payment by phone, missing remittance) need to be applied manually by the payments team which must research, identify and apply each payment to the right policy. Insurer sought to automate posting of unapplied funds to reduce the burden on the payment team and hasten the application of premiums to policies.
Automation applies unapplied payments to client policies. Unapplied funds and open accounts receivable reports are retrieved from the financial systems using the existing reporting tool. Data required is extracted and transformed for use by the process. Using business rules, it searches premium receivable data, matches the payment to the right policy and applies it in the admin system. A management reconciliation report is generated for the processed matches.
50% reduction in manual work
Processed over 45k non-standard payments in 2021
Faster application of remitted funds to the right policy
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