Third Party

Customer Challenges

  • Challenge in recovering reimbursements from the 3rd party insurer
  • Process lacked automated workflow had weak control mechanisms
  • Process was cost inefficient & hampering the product’s combined ratios

Third Party

Our Solution

  • Our unattended bot undertook reconciliations between the disparate systems
  • Generated chase letters as per the defined Dunning process and automatic emails to the defaulters
  • Performed cash applications in cases of received payments, then followed up by deploying a predefined reporting of the outstanding on a weekly basis

Key Benefits to the Customer

  • Improved speed of transactions and communication with third parties
  • Recoveries were quickly executed and communicated to the third parties
  • Maintaining a low expense ratio by increasing automation
  • Helping capture more of the multi-state business
  • Reduced cycle time & increased the cash flow

Implementation Time – 8 Weeks

 

About The Author

Jag Bethi is the SVP Solutions at ComTec, a 21 year old IT solutions and services company. He works with CIOs, CAOs and CFOs in optimizing and modernizing their IT (applications/infrastructure) portfolios. He has over 24 years of experience in all aspects of IT and has worked in multiple capacities such as Programmer, Management Consultant, Project Manager, Program Manager, Projects Portfolio Manager, Director of Projects and VP of Services. He can be contacted for any IT Consulting engagements.

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