Reconciling financial transactions can be a daunting task for agency finance teams, consuming valuable time and resources. With the need to centralize more accounting workflows in a familiar, secure system, we want to empower your business with advanced accounting automation.
Enter our new solution for reconciling direct bill commissions and agency bill payables, natively embedded in the Applied Epic® General Ledger (where your finance teams spend much of their day). You’ll simply upload statements in any form and leverage the power of AI to extract data for matching and reconciliation to policies and plans in Applied Epic.
Direct and Agency Bill Automation
Covering more than 90% of certified P&C and Benefits carriers, Automated Statements enables data extraction from statements, advanced transaction matching, financial data recording for direct billing, and transaction reconciliation for agency billing.
Check out the capabilities we expect to be available at launch:
Statement Processing and Data Extraction
Drag and drop carrier commission and payable statements in any format (scanned images, PDF, CSV), and the Applied Epic AI engine extracts, cleanses, and validates information like dates, premiums, policy or plan numbers, and commissions with nearly 100% accuracy. Then, the information is transformed into structured financial data for matching policies and transactions in the system.
Advanced Data Matching
Receive recommendations for statement data matched to Applied Epic transactions based on six different signals (policy number, line ID, PPE, term dates, line of business, and group vs. individual policy type). The system remembers and learns from approved matches over time, improving matching quality for future statements. Its flexible design allows for futureproofing by adding new matching criteria over time.
Statement Storage and Identification
Import, validate, and store statements through a simple modern interface, creating unique identifiers that improve book of business clarity and make it easy to know which carrier statement produced the General Ledger reconciliation.
Native General Ledger Integration
With a single click, submit statements to the Applied Epic General Ledger for suspended or reconciled statements.
