Manual processes associated with accepting payments—especially check-based payments—from policyholders can steal countless hours of productivity from insurance providers’ A/R operations. While trends continue to suggest that check payments are increasingly starting to migrate to ACH, checks will continue to play a prominent roll in receivables operations for the foreseeable future.
With over 78,000 policies across the state of Wisconsin, and premium payments being made via several different payment methods and channels, Rural Mutual Insurance Company recognized the opportunity to streamline payment acceptance and processing through the use of new technologies and strategic automation within their receivables operations.
Faced with the challenge of managing the receipt, processing and posting of check-based premium payments from 150+ field representatives across the state of Wisconsin, Rural Mutual turned to FTNI to help deploy mobile Remote Deposit Capture (mRDC) solutions. These solutions aimed to help eliminate mailing delays, get money from agents in the field and into their bank accounts faster (spoiler alert: up to five days faster), and ultimately posted into back-office policy administration systems with as little manual intervention as possible.
In this episode of FTNI's True Integrated Receivables Spotlight Series, Zac Robinson, Vice President of Sales and Marketing at FTNI, discusses Rural Mutual Insurance's adoption of mRDC and the benefits it has delivered, with Theresa Bollig, Director of Customer Service at Rural Mutual Insurance.
"When we implemented mobile Remote Deposit Capture it was a matter of needing to get the money to the bank the same day that it was to be applied into our system, that was a major thing we wanted to accomplish—along with not having the float period between when the payment is entered and when it actually hits our bank account." — THERESA BOLLIG, DIRECTOR OF CUSTOMER SERVICE, RURAL MUTUAL INSURANCE