Procure to Pay
Invoice Automation for Insurance Companies
Insurance companies have unique AP automation needs.
You face of increased competition along with ever-growing compliance requirements.
That's why insurance companies are implementing leaner, more efficient business processes to position themselves for long-term success. You need software that is flexible and adapts to your workflows and processes in order to stay on top of your procurement and making payments.
Automating your accounts payable department will give you more flexibility in managing budgets, approving purchase orders, and paying suppliers. Best of all, it will ensure that all payments have an easily auditable approval trail.
Insurance AP Automation software powered by CoreIntegrator provides a paperless, automated invoice processing and approval solution.
In fact, CoreIntegrator has developed Insurance AP automation software that automates the entire process of procure to pay. Our insurance company customers include some of the largest insurers in the world.
And by implementing our ePayment solution you can even earn cash back on every bill you pay!
Insurance Companies Face Unique AP Challenges
Managing insurance company accounting can be complex no matter what types of insurance you provide.
We’ve developed a specialty in automating AP for insurance companies.
For example, we understand that your company processes a high volume payments every year.
And when you are managing these payments across several states or even countries the complexity piles up quickly.
We also get that you have PO invoices to process for suppliers and other down-chain partners.
So you need an automated process that matches POs with packing slips/receipts as well as invoices.
You need a system that can process both payments and non-PO invoices quickly, efficiently, and inexpensively.
That’s where CoreIntegrator comes in!
AP Automation Specifically Designed for Insurers
At CoreIntegrator, we solve for all the unique AP automation challenges that you face.
Centralize your entire operation's procure to pay process in one place.
It makes no sense to have your offices in several regions or states receiving, approving, and in some cases even paying their own bills.
On the PO side, our solutions allow requisitions to be electronically passed from your offices to HQ and then go through an automated customized approval flow.
Need sign off at both the corporate as well as the local level?
With CoreIntegrator, no problem! Both can be achieved with a single click on any device from anywhere in the world.
On the direct invoice side, all the bills for every office can be processed directly at your home office or corporate HQ.
You or your offices simply email all invoices and bills to the cloud and your invoice data will appear in your work queue within one business day.
Our Verified Data Capture Service provides near-100% accuracy of invoice data capture. Even for hard-to-interpret utility bills or hand-scrawled landscaping invoices, all with no expensive OCR technology!
That's because your data will have been reviewed for accuracy by at least two and up to four humans - providing absolute confidence in the accuracy of the invoice data.
See how the CoreIntegrator Data Capture Service can make your AP staff 500 times more efficient!
From there our Smart AP robotic process automation completes your data entry and invoices are sent for approval. Which, again, can be made with a single click on any device from anywhere.
Once approved the invoice can be routed to your ERP for payment.
We can integrate with virtually any ERP or accounting system or you can choose to use CoreIntegrator’s ePay solution to set up electronic payments by eCheck, ACH, wire transfer or Virtual Credit Card.
But why not use virtual credit cards to pay your invoices and earn cash back for every invoice that your company pays!?
With CoreIntegrator's payment automation via OnPay Solutions your business will see the benefits of payment automation.
See how full end to end procure to pay automation can save your company time and money.
Reduce overhead and costs
How much will your insurance company save with CoreIntegrator procure to pay automation?
One insurance customer that implemented our automated procure to pay solution was able to save tens of thousands of dollars a year - while freeing up staff!
And by converting just a small percentage of its invoice payments to eCard payments, the rebates would turn this company’s AP department into a profit center!
Use our Cost Savings Calculator to get an idea of how much your company could save – or make in profit!
Improve procurement and bill payment efficiency
Not only will our procure to pay automation solutions save you time and money, it will also significantly speed up the purchasing and bill payment process. Automated electronic processing of invoices improves the turnaround time as well as the accuracy of the PO and invoice approval process.
No more late payment fees. No more over-payments, under-payments, or duplicate payments! It also means you can pay your bills much faster – and even qualify for early payment discounts!
Request a demo and let us show you how many benefits our AP automation solutions provide!
Track and use data from AP automation to achieve greater savings
Electronic archiving of legacy as well as current invoices allows for easier searching, reporting, and auditing of invoices.
But our insurance company customers also use data from our AP automation solutions to track expenses, find anomalies, and further reduce expenses.
With greater insight into the bills they pay, our customers can identify less expensive vendors.
For example, say you have 2 offices in the same city - if one office cleaning company is charging far less than the other you will see that right away and be able to switch to the cheaper company for both sites.
AP automation also protects our customers against invoice fraud. Any anomalous invoice is flagged, and AP staff can investigate it before your company pays a fraudulent invoice.
Let us show you how efficient your insurance company’s AP can be.
Fill in the form with a few details and we'll be in touch to take you through our recommended solution for your specific circumstances.
At CoreIntegrator, we make people more productive.
Let us show you how we have saved our current insurance company customers time and money. How centralization and insight into AP data can turn your company into a data-driven organization.
Contact us to request a demo today.