The billing module of the suite offers insurance companies with billing related functions such as generating invoices, managing multiple instalment plans, premium collection, and managing delinquent premium accounts. Insurance companies can focus on exceptions, rather than routine transactions, with automated invoice generation, collection.
Each feature of the module provides the specific functionality needed to support the business, the way you want to, giving you the independence and freedom needed to run the business . The in-built features enable you to adapt to market trends and requirements with greater speed and agility.
Support Multiple Installments
Depending on the pay plan agreed, the system will automatically send out invoices and reminders as part of collection process. This helps insurers automatically remind policyholders on installment due and the amount to pay.
Individual/Batch Collection Process
Allows insurers to process collection for individual policies or for collection of instalment payments through a single batch collection screen. The payment details will be updated automatically in the respective customer accounts.
The suite provides matching of debtors automatically once receipt is processed. The matching is done for specific transaction or on FIFO basis.
Multiple Payment Modes
The billing module allows insurers to configure multiple payment modes including ACH, bank transfer, credit cards and debit cards.
Excess Collection Adjustment
The module tracks payments and dues and any excess collected from the customer is adjusted for future premiums.
Customer Centric Reconciliation
The billing module tracks the entire process starting from invoice generation, managing multiple bill types, premium collection, and delinquent premium accounts. Any discrepancy in billing can be easily reconciled using real-time data.
Supports multiple currencies and currency conversions based on real-time data, ensuring easy payment acceptance and convenience for customers.
Configure Product based Payment Plan
Billing and payment cycles can be defined for each product which will help providing more flexibility for policy holders.
Premium Payment Warranty
The suite provides option to define the premium payment warranty for each policy and risk. The system can initiate automated follow-up based on the premium payment to the respective department and customers.