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Insurance
Insurance companies that have incoming B2B group policy payments struggle with applying cash just like many other industries. Group payments are a complex "check and list" challenge requiring dozens of internal employees to process as well as significant lockbox keying fees every month. In addition to these resources, insurance firms must adhere to strict posting requirements from the SEC.
Value Proposition: A Top 10 insurance carrier receives payments through multiple banks as well as directly to their corporate headquarters. Keying fees are approximately $12,000 per month. In addition, twenty plus employees process payments that are received directly; opening the mail, sorting and keying payment data directly into the accounts receivables system. This cash application process is manual, inaccurate and often takes multiple days.
Within a year, RedCapTM has:
- Achieved same day posting of all payments
- Reduced their in-house FTE requirements in half
- Eliminated all their lockbox keying fees
Their annual savings is approximately $450,000.
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