WAUSAU Financial Systems (WFS), a provider of payment and remittance processing solutions, unveiled PremiumWorks, a new solution designed specifically to meet the needs for premium payments to the insurance industry.

"Insurers of all sizes are under tremendous pressure to contain operations and IT costs, address regulatory and compliance requirements, and enhance customer service," said Mark Brousseau, president of Brousseau & Associates, and facilitator of TAWPI's Payments Capture & Clearing Council.

PremiumWorks is a premium processing solution from WAUSAU Financial Systems designed to drive an organization to lower unit costs through both labor and system management efficiencies, says the company. The solution also improves access to merging payment channels, reduces courier costs and account fees associated with deposits, provides instant access to customer correspondence, and improves the overall customer service experience.

“By leveraging image-based capture and clearing methods in both central and branch/agent locations, insurers can speed payments processing and clearing, and improve float time, said Mike Tallitsch, VP of Corporate Solutions for WAUSAU Financial Systems. “PremiumWorks speeds exception processing dramatically, thereby decreasing labor required for this back-office function.

“PremiumWorks fits in well with WFS’ insurance customers who are industry pacesetters in property/casualty, life and annuity and other insurance premium processing and document imaging solutions areas,” added Tallitsch. “Our ECM modules are the most comprehensive solutions available for the insurance industry.”

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