Prelude Systems Inc. today announced that Beneficial Life Insurance Company of Salt Lake City, Utah has become the latest company to sign on as a user of its CheckWorks® software. CheckWorks will help Beneficial Life to better manage and issue payments. The insurance company will utilize the software to handle between 300 and 400 claim, commission, advance and deduction payments per day.
CheckWorks will allow Beneficial Life to process and track the lifecycle of all payments in a data-driven, scalable environment by integrating the company's disparate applications into one streamlined system. The software will graft onto Beneficial Life's current systems using existing terminology, import information from multiple sources, process all payments, print out checks using MICR (magnetic ink character recognition) technology on blank safety stock, then export updated information back to all of the various departments. The database of information can be accessed at any time by Beneficial Life staff for queries, reporting, printing file copies, or manual input of payment information.
"We're quite pleased to have Beneficial Life join the growing list of companies who are realizing the benefits of CheckWorks' suite of products," said Elizabeth Brigham, President of Prelude Systems. "It's no coincidence that a number of those companies are from the insurance field, since they all have multiple payment systems, ranging from customer claims to agent commissions. We're confident that CheckWorks will help Beneficial Life save time and money, and also significantly reduce the risk of fraud by eliminating the need for preprinted check stock."
"Beneficial Life is committed to operating with high standards of performance, and we're confident that CheckWorks will help us manage and issue payments better than we ever have," said Annette Tolman of Beneficial Life. "We've been extremely pleased with Prelude's accessibility and their responsiveness to our needs."
About Beneficial Life Insurance Company
Beneficial Life is one of the nation's strongest and most stable life insurance companies, with $1.86 billion in assets and $23.4 billion insurance in force as of March 31, 1999. Beneficial Life Insurance Company is owned by Deseret Management Corporation, a holding company affiliated with The Church of Jesus Christ of Latter-day Saints.
About Prelude Systems Inc.
Prelude Systems Inc. is a leading developer and provider of payment solutions. The company has built its reputation on its ability to incorporate new technologies into payment processing. The company's products extend the functionality of its customers' new and existing systems to include electronic payment, electronic debit, MICR check printing, automated bank account reconciliation, positive pay security, and 1099 tax form processing and reporting. Prelude Systems' programs are grafted onto customers' existing systems seamlessly, communicate information to and from diverse applications to provide a single platform to manage and issue all payments, and allow a business to easily migrate from printed checks to electronic processing. The privately held company was founded in 1988 and is based in Wayland, Massachusetts.
Prelude Software Inc., 251 West Central Street, Suite 24, Natick, MA 01760. Tel: 508-650-0033; Fax: 508-650-4717.