Progressive Taps Kofax for Accounts Payable Workflow

Progressive Insurance (Mayfield Village, Ohio) will implement Irvine, Calif.-based Kofax's MarkView for Accounts Payable software to automate the processing of approximately 150,000 non-claims based invoices it receives annually at its shared services center, according to a Kofax source. The value of the contract to Kofax is approximately $500,000.

According to the vendor, MarkView for Accounts Payable automates financial processes for the purpose of ensuring the consistent, efficient, cost effective and timely processing of invoices from receipt through payment. MarkView will capture invoices in Progressive's ERP system the day they arrive from suppliers, thereby accelerating approval and payment cycles and improving cash management as each invoice is closely managed from receipt through payment and automated business rules are applied to make appropriate tradeoffs between payment timing, potential discounts and late payment penalties, the Kofax source says. Use of a single repository for all invoices and the associated back up and processing history serves to increase the user company's financial controls, the source claims.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio