Oracle Insurance introduces the latest version of its revenue management and billing solution, a rules-based system that enables insurers to manage billing, payments and collections using a single solution.
With the newest version of the software, insurers can automate group and list bill reconciliation—traditionally a labor-intensive, manual process—enabling them to cut processing costs, improve productivity, and reduce revenue leakage through improved reconciliation accuracy.
"Modern, flexible, insurance billing systems are critical to meeting customer service and communications objectives," says Mike Fitzgerald, senior analyst at Celent. "The billing function is transforming from a back-office operation to a front-office value proposition. Carriers are making significant investments in skills and technology to position billing as a critical customer service activity and an opportunity to retain clients."
The new release supports group and list bill capabilities for all lines of business, including property & casualty, life, and health. Insurers can prepare consolidated invoices—covering multiple policies and lines of business—that are more convenient for customers and provide greater detail, helping to drive improved customer satisfaction.
New collections functionality enables insurers to manage collection rules and processes. The solution enables users to search a case by account number or attributes, providing a central point for determining the most appropriate collections strategy and then managing a case throughout its entire lifecycle, from creation and assignment through close.
Oracle Insurance Revenue Management and Billing is now integrated with Oracle Documaker, enabling insurers to implement an end-to-end, automated workflow for producing personalized, consolidatedbillsand correspondence, to improve customer communications. This integration helps insurers minimize integration cost and risk by quickly adapting pre-built content to fit specific business needs.
"The insurance industry has evolved into an environment where multi-product, multi-channel strategies are critical to market success," says Srini Venkatasanthanam, vice president, product strategy, Oracle Insurance. "With the introduction of complex distribution relationships, group product bundles and an ever-increasing focus on cross-selling, insurers need billing systems to support the vision of flexible products, universal customer service and accurate consolidated billing."
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