Case Study
Reversing returned bank payments from customer accounts
Results
85%
Eliminated 85% of manual effort
Better
Improved data quality
Speed
Faster processing
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
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..
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