Payment Processing Solutions For Insurance Companies
End-To-End Solutions for Insurance Companies
Regardless of the type of insurance you provide, the handling and payment may vary from policy to policy. Based on RT Lawrence’s extensive knowledge of insurance processing needs, we have developed an adaptive premium payment handling solution to process your agencies payments inclusive of your specific handling rules and procedures.
- Automate your collection process
- Incorporate hotfiles/special processing rules such as blocked payments, money order payments only, close accounts/reject payments etc
- Improve your customer service to your valued customers.
- Update your insurance billing system with ease providing up to date information on your accounts.
Our user-friendly, no-programming required system can:
Manage Rules – RTLFiRST has the ability to set up thresholds or rejection rules regarding late or partial payments including accept, deny, review, or return.
Calculate Penalties – calculate penalty amounts with ease and update client profile balances to update your billing system.
Flag Customer Payments – pause or block late or high risk customer payments from being deposited or that require operator review.
Handle Installment Payments – installment payments can vary from 2- 4 times per year and be a great option for select customers. Managing the acceptance of installment payments will need to be adjusted to calculate correct customer balances. Our system can calculate and adjust your clients balance profiles to update your billing system.
Validate Account Balances – Our solution paired with real time lookup allows to validate customer numbers, policy numbers, total policy amounts, and remaining due amounts allowing for more accurate customer account information.
Manage Name/Address Changes – Our system generates a separate reporting file inclusive of payments that are detected having a change of information. The system will pool this information and can securely be accessed or sent to your Underwriting Department.
Handle Combined Policy + Membership Payments – For mutual insurance agencies, policy payments may be inclusive of membership dues. With our system you can parse out payments, validate premium payments and create virtual stubs for simpler reconciliation while generating the appropriate end of day files to update membership profiles and customer/policy profiles.
RT Lawrence is an end-to-end solution provider committed to offering no-programming solutions so insurance companies like yours so you can focus on managing your business and the needs of your customers. For more information on how our RTLFiRST system can create a personalized handling operation, contact us today!