Success Story: P & C Insurer in the Northeastern U.S.
Our client, a Fortune 100 giant, is a multi-billion dollar insurer. Lines of business include workers compensation, property and casualty, auto, homeowners, and diversified financial services in the United States, Canada, Mexico, and the United Kingdom.
ClearCycle’s software provides the backbone for the company’s enterprise-wide payment system. It was selected for its ability to consistently and efficiently control output of payments and related financial information across multiple lines of business. At the client, it is called the “Treasury Disbursement Utility”.
The client reports that ClearCycle’s payment capabilities helped them in developing and delivering a successful consumer-centric payment disbursement process:
- An intelligent forms design that improved presentation of payment and financial remittance information. This improved communications and reduced customer payment inquiries by more than 50%.
- Claims combining for payments across multiple lines of business to common recipients drastically reduced the payment costs by minimizing transaction volumes.
- Easily implemented the payment rules to ensure governmental and contractual compliance.
- Each business unit now could easily apply its own “payment parameters” (payment rules) by line of business, provider type, or legal jurisdiction.
- Improved the pre-payment control and reduced the payment errors through post adjudication editing capabilities (claims adjustments before and after payment) together with transaction lookup and reversal processing capabilities, and daily balancing.
- A single “enterprise” output facility replacing the need for each separate processing system to maintain its own check writer, dramatically reduced support and management costs (MIS and Treasury).
- Increased pre-print controls that expand the capacity of printing and mailroom handling equipment.
- Extensive management reporting, history tracking, and claims release controls that give treasury and customer service effective tools to maintain best payment and customer service practices.
ClearCycle’s system enabled the client to develop their centralized payment disbursement system with unified control while enjoying a decentralized line of business and business function systems. ClearCycle’s software supports various payments such as claims payments, broker payments, agent payments, agent dividends, agent profit sharing, worker’s compensation and surety. ClearCyle has been successful in reducing payment overheads, printing and postal cost and enhancing overall disbursement efficiency at this client, and many others.
This Success Story offers an account of the benefits reported by a particular company due to the application of ClearCycle’s products and services. It does not attempt to provide detail on all the capabilities provided by any ClearCycle system. We will be happy to provide extensive discussion on specific business and/or technical details upon request.