Payment Processing Application
2015 - 2016
AimcoR Group, LLC (AimcoR) is a national Insurance Marketing Organization that distributes and services Insurance and Retirement products through a variety of platforms. AimcoR works with over 18 Insurance companies (carriers) to offer their members a variety of products (life insurance, annuities, long-term care, disability), knowledge sharing and competitive compensation.
AimcoR receives payments (commission & bonus) from these carriers on a regular basis. These payments are accompanied with ‘transaction detail’ files that are used to identify payment(s) earned by AimcoR and its member organizations. The transaction detail files were being manually processed in order for AimcoR to provide payments to its members. Upon providing payment to their members, AimcoR also provides payment statements to show all payments earned. These statements are created in a variety of formats, and are necessary to complete the overall payment process. The existing process was very time consuming and due to the manual nature, prone to errors and inaccuracies in the data. AimcoR wanted to optimize and streamline this process.
LCG developed an application that allows AimcoR users to upload a carrier file and then automatically calculate member payments, and associated statements for delivery to the respective agency.