The Insurance Industry is built and sustained intensively on paper-based transactions.
The digital Era is calling for change. We have recently worked with Industry players finance departments seeking to reduce the movement paper involving Invoice details data capture, Invoice details verification, Payment details report verification and approval.
Our solution entails automating payment remittance services eliminates the need for data entry, reducing both the associated costs and opportunities for manual errors. These services further automate the process of reconciling balances, highlighting claims that require additional follow-up to enable payment.
As a result of automating payment remittance Finance department will realize multiple benefits, including faster payments, time savings in the elimination of manual back-office procedures, and the convenience of a single, secure and simplified point of remittance data in support of claims management.
By automating so much of remittance management compared with manual processes and introducing a much higher level of accuracy in the elimination of data entry errors, the proposed solution will succeed in streamlining finance working processes.
All claims currently being captured are batched and paid under one voucher referred to as remittance. The remittance or payment is not currently captured, when auditing or retrieving this payment for reference it becomes a challenge locating all the claims associated to the specific payment. The main pain point is the work effort put in retrieval of the documents and the constant misplacement of claims records.