Like financial institutions, insurance companies process high volumes of checks. For most new business, payment must accompany the application. A Cash with App solution speeds up this business process by capturing and automatically routing payment information to the insurer's finance department to apply premium payment while simultaneously sending the application to the underwriting processors. With this solution, insurers have experienced decreased processing time of three days or more on new business. Payments are also processed quicker and deposited faster.
OnBase provides the report management tools necessary to review and manage reports and policies. And, when used in conjunction with OnBase Document Imaging and Workflow, even check images and applications can be forwarded to finance personnel for data entry and policy number assignment. Through partnerships with remittance providers, images of premium payments are also available to ensure more accurate and timely audits.
- Integrates with existing finance systems
- Streamlines new policy processes
- Enables research to be saved via work envelopes
- Creates more accurate audit information
- Stores and manages reports, policies and notifications
- Expedites premium collection and the accounts payable process