CloudTrade, the provider of cloud based e-invoicing and e-document processing services, announced that its e-invoicing solution has been selected by Lawyers Mutual to help drive efficiency across its mutual professional liability insurance business.
Lawyers Mutual has been providing continuous financial protection from professional liability to its stable of over 7,500 lawyers since its inception in 1977.
CloudTrade has been selected as part of Lawyers Mutual’s ongoing transformation of its back-office functions and will substantially reduce administration costs and time associated with printing, postage, data entry and claim handling by helping fully automate Lawyers Mutual’s claims processes.
Lawyers Mutual:
“CloudTrade’s e-invoicing solution will enable Lawyers Mutual’s administrative team to gain greater financial control, give greater visibility of any claims and will increase our ability to process those claims and pay out to our members quickly and efficiently.”
Roger Hatfield, CloudTrade’s VP for North America:
“CloudTrade offers businesses in the legal sector, who rely on manual data entry for their invoices and claims, a simple, cloud-based and cost-effective solution that is easy to integrate into their back offices systems and that compliments their existing manual or automated workflow management processes.”
How CloudTrade’s e-invoicing solution works
CloudTrade’s e-invoicing solution will integrate directly into Insurance System Inc’s ISI Enterprise – a fully-integrated browser-based insurance policy administration software solution.
PDF invoices are sent to a designated email address are automatically detached via the hosted cloud service which extracts all of the claim number and invoice data. This data is then validated against open claims before being converted into an e-invoice that eFinancials can interpret and validate before processing payment. No manual intervention is required for this process.
Original PDF invoices will be stored by Lawyers Mutual in ISI Enterprise which links to the relevant transaction records in the invoice register. This ensures quick and secure online access to images without the need to handle paper.
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