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New York Life Insurance selects AFS ImageVision remittance system

14 July 2005  |  2584 views  |  0 Source: Advanced Financial Solutions

Advanced Financial Solutions (AFS), a Metavante company, today announced that New York Life Insurance Company has selected the AFS ImageVision Remittance suite as the centerpiece of its new image-enabled payment processing infrastructure for its AARP Life Insurance Operation in Tampa, Fla.

The AFS ImageVision Remittance solution provides New York Life AARP Life Insurance Operations with a flexible and scalable payments platform, designed to accommodate future growth and changing business needs with state-of-the-art imaging and recognition technologies, and built-in interfaces to industry-leading document management and mail extraction solutions.

In addition to the AFS ImageVision Remittance system, the New York Life AARP Life Insurance Operation will be implementing a full portfolio of ancillary applications designed to enhance the effectiveness of the solution.

Additional components include:

  • AFS CHADD (Address Change Detection), detects change of address information no matter where it may be located on the remittance document, including the back
  • AFS CAR/LAR (Courtesy Amount Recognition / Legal Amount Recognition), determines the amount field location for any commercial check, and comparing results to ensure the correct amounts are written to the run file
  • AFS ImageDepot, a cost-effective, PC-based research system capable of accessing the images and data of millions of documents and payments
  • OPEX 3600 integrated scanner that performs image capture immediately after envelope extraction and eliminates many of the multiple steps of processing mail payments
  • Mitek DynaFind automated data entry solution, which automatically locates business critical data on every document, even if the data appears in a different location on each document, saving hundreds of man-hours for the data entry staff

"The image processing technology and strategic interfaces built into AFS ImageVision Remittance provides New York Life Insurance AARP Operation with the tools to handle growing volumes of payments and remittance advices," said Gary Nelson, president, AFS.

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