Many insurance carriers have multiple IT platforms and systems for the administration and tracking of inbound and outbound cash payments which are separate from their accounts receivable and payable data. Though each platform plays an important and distinct role to the insurer, it oftentimes leads to out-of-balance accounting situations between them.
Leveraging data matching and scrubbing tools, Paragon is able to efficiently match off large amounts of transactions between disparate datasets. This automation brings focus to a smaller subset that needs detailed analysis. Paragon's experienced staff then uses proprietary tools to research the specific out-of-balance and they identify the appropriate correction. Finally, by working with the customer, and within an agreed upon control framework, the issue is corrected, monitored and verified to ensure the line item ultimately balances.