New insurance remittance processing system elimnates pre-sorting, reduces exceptions and uses Check 21 electronic deposits.
Royal Neighbors of America
• Industry - Insurance
• Challenge - Inefficient operation required pre-sorting and exception handling
• Solution - Image-based check processing and clearing with no pre-sorting
Royal Neighbors of America is a fraternal benefit society that provides life insurance and annuity products, financial education and services more than 220,000 members. Their remittance operation was inefficient and the software was being discontinued. The hardware was old and would soon be difficult to repair.
They carefully considered proposals from their current remittance solution provider, their bank and RP Solutions. Royal Neighbors selected RP Solutions based on the solution's value, the product's features and the sound relationship that quickly developed.
Since installing ExpertRPS as their new remittance processing soluion, presorting has been eliminated and exception handling is vastly reduced. In fact, they've cut their exception ratio from 20% to 5%. And turnaround on transactions has gone from 2-4 days with the old remittance system, to same day turnaround.
They also use ExpertICE for image archive and research. Their NCR 7731 was replaced by a Digital Check TS4120 check imaging transport.