Creditron Wins Contract from Residential Quake Insurer

TORONTO, ON, March 22, 2010 – Creditron, a leading provider of solutions that automate the payments cycle, today announced that it has provided GeoVera Insurance Company with a payments processing solution that includes capabilities for electronic transaction clearing, check-and-list processing, and seamless accounts receivable posting.

Headquartered in Fairfield, CA, GeoVera is a market leader in providing innovative, stand-alone residential earthquake insurance products in California, Oregon and Washington.

GeoVera selected Creditron after an exhaustive review more than 20 solutions vendors.  The insurer knew it needed to upgrade its existing remittance solution to automate the numerous check-and-list transactions it receives each day, but decided to purchase a new solution that included more cost-effective scanners and capabilities for electronic deposit via Check 21. 

As a result of deploying the Creditron solution, GeoVera expects to accelerate processing turnaround, reduce its annual hardware and software maintenance costs by 76 percent, reduce the time required to research payments by 50 percent, and eliminate the need for a courier to bring deposits to the bank.  The solution also makes images instantly available for review by A/R and customer service staff; previously, images were not available until the next day.      

Creditron delivered its ItemAge Express image-enabled solution to enhance GeoVera's processing of premium payments and other remittances.  The solution, which is installed at GeoVera's operations centers in California and Florida, includes modules for courtesy and legal amount recognition (CAR/LAR) for personal and business checks, image and data storage and retrieval, and the ability to deposit funds electronically via Check 21 or convert eligible checks into ACH debits.  The solution also uses "positive hot files" to automatically verify whether a policy is active and whether the payment meets minimum-due requirements.

Additionally, the solution automates the processing of check-and-list transactions, where a single check is balanced against an 8 1/2" x 11" page listing multiple accounts and their balance due.  Mortgage companies, for example, send in a single check to pay the premiums on multiple properties.  In the past, GeoVera processed these transactions manually -- an inefficient and error-prone task.  Now, documents are scanned on a Fujitsu page scanner, and rubber-banding technology is used to highlight areas of the document for data recognition.

In addition to the Fujitsu page scanner, the Creditron solution uses one TS 4120 document transport from NCR Corporation to process checks and remittance stubs at each of its sites.  GeoVera also deployed one NCR TS 230 for disaster recovery and business continuity.

"Insurers are challenged to find new ways to reduce cost, while ensuring superior customer service," said Creditron Founder and CEO Wally Vogel.  "By deploying Creditron's image-enabled remittance platform, GeoVera Insurance Company will streamline its payments workflow and processes to reduce costs, speed funds availability and enhance its service."