Autonomous Receivables Solutions for Insurance Companies

The Cash App Cloud integrates with the Policy Administration System and identifies carrier commissions paid at plan level based on parameters like policy, ID, date, premium, etc. and matches with appropriate line items in policy administration system. Also, the discount handling logic can be used to validate broker commission deductions.

Cash Application Cloud can leverage AI algorithms to identify the right combination of parameters like invoice number, policy number, date, amount etc. and automatically applies cash, thus automating the process by at least 30%. This also enables same day cash posting and significantly reduces unapplied cash balance.

With HighRadius Cash Application Solution, the cash application teams in the insurance industry can easily auto-match the carrier statements with the payment file information which leads to an accurate and a faster cash application process with a reduced probability of unapplied cash balance.

Auto-captures remittances from a variety of sources, such as EDIs, bank websites, emails, etc. and extracts accurate data across all file formats and languages. The cash application solution with its AI capabilities converts and auto-applies cash in the desired invoice currency or settlement currency.

An intelligent pattern-matching and transformation rules engine applies customer-specific rules for invoice matching, deduction identification and coding. Insurance cos have real time insights into their customer accounts to avoid sending dunning letters to the wrong customer.

With AI capabilities, our Cash App Software categorizes payments for delayed remittances as “On Account” and posts the cash once remittance is available with almost 80% hit rate. The EIPP Cloud provides a carrier-branded broker/agent interface that supports a wide array of payment methods, with 100% of all payments made processed straight-through without manual intervention.

AI- based autonomous receivable suite’s ability to integrate with multiple systems addresses the issue with decentralization. The solution platform enables frictionless integration with all major ERPs including SAP, Oracle, Microsoft Dynamics, along with CRM, Benefit Management System, etc.