Press Releases

SIMED Insurance Purchases PayPilot

Natick, Mass., May 16, 2006 — SIMED, a medical malpractice insurer in Puerto Rico, has signed a contract to purchase PayPilot for automating their payment process. Payments will be issued from the new system for attorney fees, expenses, and indemnity payments. They plan to add broker payments at a later date.

SIMED will use PayPilot to issue monthly payments by both check and EFT (direct deposit). Checks will be printed on blank safety stock with a digital signature, and the remittance advice will present details on the specific cases and expenses covered by each payment. For EFT payments, the remittance advice will be sent by email.

Automated check reconciliation will be included in the installation to increase the efficiency of back office operations. PayPilot will communicate with Banco Popular to receive a file of cashed items. This file will be applied to PayPilot’s payment database to automatically update the status of payments (e.g., cashed or outstanding). All payment details will be exported to the company’s SunGard general ledger system to keep payment information current in both systems.

“It was exciting to work with the team at SIMED. PayPilot will enable them to accomplish their goal of implementing a more efficient workflow for issuing claim payments,” said Patrick Gardner, Prelude’s Director of Sales.