‘Batch’, ‘bulk’, ‘bundle’…however you say it, the ability to manage invoices by the “Batch” means A LOT for your business. Now more than ever, as the U.S. recovers from – and braces for – major hurricane havoc, the ability for insurance carriers and independent adjusting firms alike to have a “batch” capability when it comes to creating, processing and paying invoices is invaluable.
If you’re an IA firm…
The antiquated way of managing invoices that are submitted to your clients is by creating a master spreadsheet. If you serve 100 clients, and each of those clients request for their invoices to be delivered and presented in a certain way – that’s a lot of man hours and potential for human error involved in the process. Further, each time you receive a payment from a carrier, you need to manually mark payment receipt in your account of record, such as Quickbooks. Replicate this process in a CAT, on top of tracking payments to your independent adjusters for their portion of pay, and it is nearly impossible to maintain efficiency and accuracy.
Our “Batch Pay” feature enables vendors to create, upload, manage and view details of invoices by the batch, automatically.
What does that mean for you as an IA firm?
You can upload your master spreadsheet template or a client carrier’s template into our software to create and deliver a batch of invoices to each carrier you serve. One template, countless carriers. The best part? When they receive it, they can process your payment with the same automation and efficiency. The result? Predictable cash flow
If you’re a carrier…
Carriers also often manage third-party invoices using a spreadsheet, which requires extensive back and forth with the finance department to ensure every invoice is reconciled as well as allocated to a claim file. If you can automate this process and remove the burden of manual billing, the company will operate more efficiently.
Our “Batch Pay” feature enables carriers to view, edit, pay and manage invoices by the batch, automatically.
What does that mean for you as a carrier?
You can receive a batch of invoices from an IA firm and automatically reconcile them, allocate each invoice to the proper claim file with documentation, and approve them ready for payment. This entire process takes just moments. Imagine the benefits every day, and even more so in the wake of catastrophic storms.