January 19, 2016, Mt. Prospect, IL – A wide offering of flexible payment choices makes it easier for many people to obtain affordable insurance. However, this flexibility can also make it difficult for insurance companies to process these various forms of customer payments efficiently and economically.
Cummins Allison, the leading innovator and provider of check and currency handling solutions, shares how insurance companies, such as The General Automobile Insurance Services (The General®), can eliminate manual processing errors and reduce costs by investing in time-saving, single device cash and check processing equipment.
Beating the Cost of Manual Check Processing and Eliminating Errors
The General®’s original check processing equipment only supported personal checks, so employees were required to process all money orders and business checks manually via paper deposits. In addition to the extra time and manpower, The General® was paying 15 cents to process each paper check manually, which quickly added up.
When The General® learned that Cummins Allison check scanners and processors could support money orders and business checks, they knew they had found the perfect match for new check processing equipment. They now pay just 3 cents for each check or money order processed with their new technology.
“The Cummins Allison equipment allowed us to automatically process money orders and business checks, and I was shocked to find out that we could purchase it for just a fraction of the cost of upgrading our current check processing system,” said Alan Shell, cash manager at The General. “Using the new equipment, we process hundreds of money orders and business checks in just minutes every day. It’s hard to imagine doing business without it now.”
Save Time and Reduce Errors with Technology Investment
The General® isn’t alone in trying to streamline operations. In a competitive industry like this, many insurance companies are looking toward technology in order to cut costs rather than decreasing service. According to a recent survey, total insurance IT spending will grow to $189.2 billion in 2017. This growth is the result of increased IT budgets from CIOs and increased global premiums in most regions.¹ Savvy insurance companies, like The General®, that invest in new technology to count and deposit cash and checks will see a number of key benefits in their organizations, including:
Greater accuracy of deposits: Automatically processed deposits are accurate down to the penny, which saves employees time and frustration – and durable, highly-reliable currency and check processing equipment can be integrated easily into daily operations. Additionally, easy-to-use systems with the ability to scan and store check images in an electronic database simplify record-keeping and make it easy to retrieve check images.
Faster access to funds: The right technology solution can greatly reduce the time spent preparing and depositing items in the bank. Advanced currency and check processing solutions automatically prepare, audit and electronically deposit checks into the company’s account, improving cash flow and eliminating time-consuming manual steps. In addition, the automated system gives access to funds 24 to 48 hours faster than with manual deposits.
Better use of internal resources: Manually counting and sorting money can be a time-consuming and error-prone task that can strain limited internal resources and staff. High-speed and cost-effective check counting equipment can reduce the time it takes to complete the necessary task of counting money. For example, The General® has eliminated manual processing errors and reduced costs by implementing advanced check scanning and processing equipment.
To find out more about how insurance companies can cash in on revenue-generating opportunities with check and currency processing machines, visit http://www.cumminsallison.com/go/insurance/.
1 “IT Spending in Insurance: A Global Perspective.” Celent. April 2015. http://www.celent.com/reports/it-spending-insurance-global-perspective-2
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.