Creditron Wins Contract from Multi-Line Insurer

TORONTO, ON, March 16, 2010 – Creditron, a leading provider of solutions that automate the payments cycle, today announced that it has provided Aegis Security Insurance Company with a payments processing solution that includes electronic clearing capabilities.

Aegis Security Insurance Company is a multi-line specialty writer of manufactured homes, motorcycles, travel trailers, select-value dwellings and other specialty insurance products. 

Aegis selected Creditron based on a referral from a Creditron partner, a successful site tour of another Creditron installation, the strong payback offered by an automated payments system, and on Creditron's ability to integrate with Aegis' accounting/policy administration system.

As a result of deploying the Creditron solution, Aegis has accelerated processing turnaround, significantly reduced the time required to research payments, and reduced the need for a courier to bring deposits to the bank each day.  Because of the faster transaction processing turnaround, Aegis also is able to deposit more money in the bank each day than ever before.

Creditron delivered its ItemAge Express image-based solution to enhance Aegis' processing of premium payments and other remittances.  The solution, which is installed at Aegis' operations center in Harrisburg, PA, includes modules for courtesy and legal amount recognition for personal and business checks, image and data storage and retrieval, seamless uploads to the insurer's policy administration system, and the ability to deposit funds electronically via Check 21 or to convert eligible items to Automated Clearing House (ACH) debits.  The Creditron solution also uses "positive hot files" to automatically verify whether a policy is active and whether the payment meets minimum-due requirements.

The solution runs on one iTRAN 3000t document sorter from NCR Corporation, and an NCR TS 230, a 65 documents-per-minute (DPM) check scanner with rear inkjet endorsing. 

"We couldn't be happier with our ItemAge Express solution," said Kent Wyatt, operations manager, Aegis Security Insurance Company.  "The solution has exceeded our expectations by providing significant improvements in processing efficiency and funds availability."

"Creditron is committed to delivering highly reliable solutions that growth-minded insurers need to be successful," stated Creditron CEO Wally Vogel.  "Our best-in-class payments solutions ensure scalability and manageability as insurers better position their operations to manage the changing payments mix, support their enterprise, and remain competitive."

Timely and accurate processing of premium payments is critical, not only to maximize cash flow, but also for customer service.  For example, when a policy is in arrears or subject to cancellation for other reasons, insurers need to know if a check arrives.  Creditron’s hot file module notifies users as soon as the check is scanned, so they can take action.  The security and audit features of Creditron's ItemAge Express ensure accurate account postings to eliminate mis-posted payments and avoid error correction and coverage issues.  The software's CAR/LAR functionality enables insurers to process mixed current due and total due payments, partial payments, and multiple payments without sorting.  And insurers can research payments using image, in place of costly and clumsy paper or microfilm archives.