Case Study
Automation recaptures revenue from rejected payments and speeds processing by 80%
Results
80%
80% faster processing
Speed
Eliminated backlog
Scale
Improved scalability
Company Profile
Major North American religious-affinity fraternal benefit society, provides life insurance, annuities, long-term care, and disability income exclusively to its members and their families through a captive agent force. Tens of billions in life insurance in force, top-tier A.M. Best ‘Superior’ rating, and recognized for industry-leading ethics. Members contribute hundreds of millions annually to charitable causes.
Challenge
Hundreds of transactions manually reviewed each day
Each day, the payments team receives and processes a list of valid payments submitted through a non-standard means (e.g., pay-by-phone) and rejected by downstream applications. Hundreds of transactions were manually reviewed each day and client’s records were updated accordingly. This time-consuming process spanned multiple client and policy management systems.
The payments team wanted a scalable solution that could eliminate the need for manual processing and improve the accuracy of the results.
Solution
WonderBotz Order-to-Cash
The WonderBotz Order-to-Cash prebuilt solution gathers all non-standard payments by parsing through existing reports and extracting policy and payment information. Next, it logs into the correct back-office platforms to apply each payment to the proper customer account. It checks for outstanding balances before recording the remittance and notifies the team to process any extra amounts as refunds. Additionally, it generates a daily MI operations report with transaction details for reconciliation and assigns all exceptions to payments team resources.
This reporting solution eliminated their backlog and improved scalability. It also increased their processing speed by 80%.
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