Property & Casualty

The Challenge

A large property & casualty insurance group headquartered in the Northeast currently writes workers’ compensation coverage throughout the 50 states for real estate management firms, restaurants, and light manufacturers, as well as commercial multiple peril and general liability premiums. They were looking to improve the way they issue accounts payable, commission, and insurance claims payments, and to perform bank reconciliation, positive pay security, and 1099 processing.

The Solution

PayPilot seamlessly integrates data from the client’s in-house claims and commission applications and accounts payable data from their SQL Financial AP program within a single system. It imports payment information from the originating sources, processes the payments, prints checks using MICR (magnetic ink character recognition) technology on blank safety stock, and exports updated information back to general ledger processing systems. PayPilot provides a data-driven, scalable environment that makes it easy to track the lifecycle of all payments. Authorized operations staff can access the database at any time for queries, reporting, printing file copies, or manual input of payment information.

The bank reconciliation and positive pay features provide automated processes and a bank interface that allow the client to ensure the highest level of payment integrity and check fraud protection. The 1099 feature includes a flexible reporting tool and data extractor. Both of these can be run at any time to review 1099 payments and to create a feed for commercial or custom 1099 processes.

The Results

Prelude is known throughout the insurance industry for their expertise in handling multiple payment types, tailored check designs, and bank interfaces. As with other insurance companies, Prelude’s goal in working with this client has been to significantly improve their payment management.

“We are committed to enhancing our ability to offer the best services to our customers,” said the client’s head of IT operations. “We chose PayPilot because the centralization of our payment information makes it much easier for us to print checks and to perform bank reconciliation. We also plan to take full advantage of Prelude’s standard and custom reporting capabilities.”