Snapshots

Challenge:

Non-automated payment and remittance processing systems; complex payment reconciliation processes

Solutions:

Implemented Electronic Data Interchange (EDI) 811 message; integrated invoicing with the EDI 820 and ACH remittances; integrated process-wide insurance workflows; implemented comprehensive reporting

Benefits:

Increased efficiency and effectiveness; enhanced customer service; faster payment processing and reconciliation

Key Challenges

  1. One of the greatest requirements of system integration is to create a synchronous IT ecosystem supporting innovation and technological change. However, our client’s remittance, document processing, and disbursement systems worked as disparate units. As a result, data exchanges were blotchy and ineffective.
  2. Integrating these disparate systems and automating processes also meant that the amount of control existing in each workflow needed to be replicated and simplified in the final outcome. Our client wanted their workflows to be transparent, easy to monitor, and acted upon to prevent any rework.
  3. Limited use of a B2B / EDI gateway did not allow the client to close the communication loop with all the partners across value chains. While the remittances were automated through EDI 820, payments were not.

Our client is one of the most trusted providers of lender-placed hazard and flood insurance across the United States. Operational since the 1970s, the company has been actively reimagining and reshaping insurance through leading-edge innovation with an aim to meet varying servicing requirements

Our Solutions

We closely evaluated our client’s business model to identify performance gaps, outline a clear line of strategy, and execute future-proof transition using an end-to-end integration solution. Our team integrated remittance processes with the IIM insurance document processing and disbursement system using database objects. This was effective in connecting disparate business workflows and ensuring reliability. Our solution approach, enabling B2B/EDI integration for our client, was a big boost to efficiency, agility, and scalability. As part of this, we also implemented EDI 811 Consolidated Invoice Service in response to electronic remittance (820 and ACH). This was instrumental in reducing billing cycles and ensuring seamless B2B transactions.

Our team deployed an intuitive, dynamic, and flexible user interface, built on webMethods Dynamic Server Pages (DSPs). DSPs helped in delivering a single interface for the business users to monitor the transactions and allow for easy customization. This greatly improved the user experience and workflow automation.

We strengthened our client’s network support by deploying a scalable, high-performing B2B gateway based on webMethods Trading Networks. This was helpful in automating and enabling real-time information exchange with customers and efficiently managing all partners with single point access. Our client was also able to efficiently handle errors, reprocess failed transactions, and reconcile B2B transactions.

Business Benefits

  • Boosted agility in payment processing 
  • Slashed costs
  • Simplified payment reconciliation and process control
  • Ensured ease of customer onboarding
  • Improved productivity
  • Improved business user experience

Project Outcomes

50% Reduction in manual invoice processing

3X Improvement in response times for remittance reconciliation

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