Case Study
Life insurer applies unapplied premium payments faster and with 50% less effort
Results
50%
50% reduction in manual work
45K+
Processed over 45k non-standard payments in the first year
Speed
Faster application of remitted funds to the right policy
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
Manual application of unapplied premiums
This Insurer’s policyholders remit premium payments in many ways. The application of premium payments accompanied by billing remittance is automated, but other payment types (e.g. payment by phone, missing remittance) need to be applied manually. This requires the payments team to research, identify and apply each payment to the right policy. This process was tedious and took up time that the payments team could have been spending on other tasks.
The Insurer sought to automate the posting of unapplied funds to reduce the burden on the payment team and speed the application of premiums to policies.
Solution
Automated reconciliation of unapplied funds
The WonderBotz Automation Solution uses the existing reporting tool to retrieve unapplied funds and open accounts receivable reports from the financial systems. It extracts and transforms the necessary information, then 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 upon completion.
The solution processed 45k non-standard payments in the first year of its deployment. Automating this process reduced manual work by 50% and allowed for faster application of remitted funds to the right policies.
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