A Fortune 500 Insurance Group Simplified and Streamlined its Payment Processing with Exela
The customer was encountering several challenges associated with depository services for policy and premium payments. Firstly, they were grappling with escalating bank fees. Secondly, their agents were confined to manual check deposits, which was a time-consuming and costly process. Additionally, it was challenging to reduce the number of banking relationships due to the reliance on manual check deposits. Lastly, there was a need for a single, comprehensive solution capable of processing and depositing checks, cards, and cash payments. This would streamline the manual process, lower processing fees, and enhance analytical capabilities.
To address these challenges, the customer selected a robust, mobile-first financial technology platform provided by Exela Technologies. This platform could support all 14,000 agents and process over 2,000,000 check deposits made annually. Additionally, this cross-platform mobile payment application was compatible with iOS and Android operating systems and could easily be integrated with any existing technology and workflows. Exela's ongoing commitment to innovation also promised upcoming process enhancements, including Host System Integration, Additional Payment Method Support, and Policy and Administrative functions.
- Significant reduction of banking charges realized by eliminating manual deposit fees
- Reduction of time and effort required to deposit funds from hours to seconds
- Streamlined administrative processes as transactions were automatically processed and made easily trackable
- Reduced DSO unlocked value in Accounts Receivable
- Enhanced agent user experience for check depositing, which complemented an overall corporate digital transformation strategy
- Enhanced structure for the Treasury Department to manage financial forecasting and reporting
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