Some of the key things we wanted to improve were reducing the manual keying that my team had to apply to the policy invoice level. We wanted a system that can do that for us and help us reduce the number of customer complaints, delays, errors and internal meetings.
40% of Zurich’s payment landscape was e-payments such as ACH/Wire. For e-payments, the analysts had to spend a huge amount of time extracting the remittances from emails, EDIs, and web portals and link them manually to the payments.
Delayed cash application process led to erroneous status reports for accounts. Even if the customer had paid for an invoice, they might wrongfully receive DNOC resulting in dissatisfied customers.
In order to resolve the errors in the system, the A/R team was frequently having multiple internal calls or meetings with brokers, underwriters, account executives, and Finance Operations managers.
Zurich adopted lockbox services to resolve some of their pain points but paying the bank keying fees and other transmission costs were eating up their bottom line and resources.
Zurich Insurance Group Ltd. is a Swiss insurance company, commonly known as Zurich, headquartered in Zürich, Switzerland. The company is Switzerland’s largest insurer. Zurich as a company shares risk expertise and insights with customers, communities, and stakeholders.
Insurance
North America
Cash Application
By automating manual cash application by 85%, Zurich was able to free up 6 full-time resources out of a 18 member team and reallocated them to critical tasks.
With Highradius Cash Application Software, Zurich was able to avoid incorrect dunning or sending DNOC to the wrong customer, thereby, providing its customers with a richer experience.
With HighRadius Cash Application Software, Zurich saved 100% on bank lockbox fees. They removed any dependency on bank lockbox services or in-house resources for key-in, thereby reducing costs.
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
Vendor Performance Manager
Zurich
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