February - 2022

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The top 5 reasons Insurance Carriers are slow to implementing new payment methods

By their nature, the insurance industry is understandably conservative and risk-averse. And, as such, it is easy to correlate why they are inherently slow to adopt new technologies, especially related to outbound payments If a carrier had a choice between implementing a new payment capability to accept premiums versus one to pay claims, it’s obvious what the decision would be. However, most carriers have already broadened their portfolio of payment method options for ins

The Claim Check eVolution!

You Don't Print or Mail, But It's Still A Check! It's Deluxe eChecks enabled via PayPilot® for Insurance Carriers Reduce Cost, Settle Claims Faster, and Increase Customer Satisfaction Every insurance carrier issues payments via checks. And, every insurance carrier wants to migrate off checks whenever possible because: It is more efficient, reduces time and cost Allows payees to get good funds faster Shortens the adjudication process Reduces errors and omission opportunities

Carriers, which hashtag are your insureds going to use, #ILoveMyInsuranceCarrier or #IHateMyInsuranc

Are you making your insureds feel small? The difference often comes down to how the claimant is serviced when they need you most! Today’s insurance market can be defined as the perfect storm! Carriers want to lower cost, claimants want their money faster and digital payment methods are plentiful! Now is the time to stop blowing in the wind with paper checks! As carriers embrace ways to streamline claims processing and meet policyholders expectations, there is a sense of

Insurance Carriers: Hurricane Harvey CAT Claim Payment Processing Support

All of us here at Prelude Software have our fellow Americans, friends and colleagues in the wake of Hurricane Harvey's path in our thoughts and prayers. Equally important, we have prepared for this type of event and are proud to be ready to work with our insurance carrier clients in supporting the claim payment process as they embark to help the victims of this catastrophe. Claim payments can be issued remotely directly to the claimants' bank account in numerous ways

Is your payment processing antiquated?

Time to get off the "horse and buggy" that is paper checks! Outbound payment processing is becoming more of a competitive differentiator for insurance carriers as new online, mobile and virtual payment methods emerge in the marketplace. Companies are seeking ways incorporate these new payment methods. Companies are also looking to streamline and simplify their payment infrastructure, reducing the actual cost of issuing payments. Too much manual processing leads to errors

The Other Side of Payment Options! Are you Ready?

When the word payments is used, most people go right to the notion of how an individual will pay a company. As an example, how Joe will pay his insurance carrier premium. It is the typical default category of payments -- check, ACH (electronic payment from bank account), and credit card. And, of course, carriers love to offer lots of options to make it easy for premiums to be paid. It is the lifeblood of their business. However, payments mean a lot more. In fact, payment

2 Simple Steps to Generate Revenue in 2016 and Improve Your Bottom Line

Profitability in healthcare has its financial challenges. Learn how to create a new revenue stream while improving efficiencies, cutting costs and improving reconciliation and remittance – PayPilot® with WEXHealth is the simple solution you are looking for. In the complexity of healthcare, having financial health is critical. Legacy systems can often prohibit businesses from processing more efficiently, let alone even considering gaining revenue streams due to capital

Removing the Barriers to Improving Existing Payment Processing Functionality with System Format Mapp

Do you ever look at your business processes and wonder why you use several different source systems to process payments? The answer to that question is simple. It is likely that as your business has grown, the complexity of your payment processes has, of necessity, grown as well. And, industries like Insurance, often have multiple, separate, specialized core systems for claims, policies, billing and AP. Each capable of originating the payment request. And, each having

Accounts Payable Headache Remedy: Easing the pain of 1099 compliance!

Those tasked with the job of processing 1099's know the pain of compiling all the necessary information to comply with state and federal reporting regulations. If your business handles multiple accounts with a variety of vendors, it takes a substantial amount of time for your accounts payable department to process the information required and submit the forms in a timely manner. 1099 processing is especially challenging for businesses using multiple payment systems in m

Single Use Accounts--Preventing Check Fraud While Streamlining Payment Processes

According to findings published in the 2015 AFP Payments Fraud and Control Survey, 62 percent of companies were targets of payments fraud in 2014. The most targeted methods of payments were checks (77 percent), credit/debit cards (34 percent), and wire transactions (27 percent). Incidentally, checks were also the payment method most likely to result in financial loss, with 45 percent of the companies that experienced a loss due to fraud reporting that checks were involv

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