Reversing returned bank payments from customer accounts

Industry : Insurance Function : Operations

Company Profile

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.

Scope Highlights

  • 42,000 annual rejected payments
  • Payment reconciliation
  • Ingenium policy administration system
  • Life 70 policy administration system
  • SS&C Chorus workflow platform
  • Blue Prism

Challenge

Insurer applies payments immediately upon receipt from customer. However, each day, 100’s of payments are ultimately rejected and must be reversed. The payments receipts team needs to identify and reverse rejected payments and then perform a reconciliation. This time-consuming process involved multiple client and policy management systems. Leadership sought a scalable solution that could reduce manual processing and improve the accuracy of the results.

Solution

Automation gathers all rejected payments by parsing existing reports and extracting the required policy and payment data. Next, it connects to the appropriate policy and contract administration platforms and reverses the rejected payment. Each day, it generates an MI operations report with transaction details for reconciliation with the rejected payment reports.

Results

Eliminated 85% of manual effort

Improved data quality

Faster processing