Autonomous Receivables Solutions for Insurance Companies

92+
Countries
have HighRadius’ presence across industries

10+
Insurers
trust HighRadius for their A/R Automation

Learn how Zurich, a leading insurance company was able to achieve 85% automated cash posting

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HighRadius Deductions Management Cloud-based Software
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Overview of Autonomous Receivables Solutions for Insurance Companies

Cash Application
Cash Application
  • Calculation of broker commissions based on 5 key parameters
  • Enable same day cash posting
  • Increase automation rate by upto 50%
Zurich
85%
Automated Cash Application
Collections
Collections
  • 30% increase in collector efficiency
  • 100% automated dunning via emails, web portals
  • Collect premiums faster through dynamic customer prioritization algorithms
A Leading Insurance company
35%
Reduction in Past Due
EIPP
EIPP
  • Single repository providing brokers access to all technical bookings.
  • 100% automatic matching of payments
  • Digitalize Broker engagement for one-stop self service portal

Other Autonomous Receivables Solutions

Why Insurance A/R Leaders Trust HighRadius

Reduced time to apply cash  with 80%+ item level match rate
Reduced time to apply cash with 80%+ item level match rate

With HRC Cash App Software, Zurich Insurance enabled same day cash posting with 85% invoice level hit rate, while a leading insurance brokerage firm was able to achieve 97% invoice level hit rate.

Opex Savings due to ~50%  automation of manual tasks
Opex Savings due to ~50% automation of manual tasks

With HighRadius, one of the top insurance companies was able to save $250,000 after reallocating 33% employees to higher value manual tasks.

Faster Collection of Premiums
Faster Collection of Premiums

With the HighRadius Collections Cloud, a leading global provider of insurance was able to collect premiums faster and reduced their past due by 35% in 2 months.

Explore How HighRadius Can Help Insurance A/R Teams

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Cash App Software to Calculate Broker Commissions

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 based on Right Parameters

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.

Automatic Reconciliation of Carrier Statements

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.

AI-Enabled Data Capture for Remittances

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.

Automated Payment Reconciliation to improve cash flows

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.

Reduced Unapplied Cash & Auto-Payment Processing

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.

Seamless Integration with Different Systems

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.

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Industry Partners

We Partner with Leading BPOs, Consulting Firms, Banks and Integrate with the best Benefit Management System to Provide Best-in-class Solutions for the O2C Space.

BPO & Consulting Partners

BPO & Consulting Partners

Banking Partners

Banking Partners

ERPs and Benefit Management System

ERPs Benefit Management System

Customer Success Stories

Zurich
Leading Insurance Brokerage Firm
Zurich
85%
Straight-Through Cash Posting
33%
FTEs Reallocated to Higher Value Tasks

“Why were the payments not applied when we saw that we received the money a month ago, what happened? I wanted to eliminate that, and we implemented the cash application solution from HighRadius.”

Tisha Clausell
Tisha Clausell

Vendor Performance Manager, Zurich

Leading Insurance Brokerage Firm
97%
Invoice Level Hit Rate
45%
FTEs Reallocated to Higher Value Tasks

A leading insurance brokerage firm had to spend a lot of their resources in manually aggregating remittances and manually processing 100% EFTs. Discover how HighRadius helped them overcome this challenge, along with helping resources be reallocated to high value tasks.

Industry Insights

Datasheet

Autonomous Receivables Solutions for Order to Cash in Insurance Companies

Download Datasheet
Webinar

Customer Centric Digital Transformation- Zurich’s Digital Initiatives for 2020 & Ahead

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Blog

How one of the World’s Top Insurance Companies Leveraged AI to ‘Insure’ 85% Cash Posting

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Address Your Unique A/R Challenges with HighRadius

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