Few insurance companies dispute the need to transform outdated billing functions. For most, both the challenges and opportunities are clear.
Foremost among the challenges: rigid billing processes and antiquated systems clearly affect customer retention, making it difficult to implement flexible billing plans, timely invoicing, customer self-service, and other innovations. Aging legacy billing systems also lack effective security and documentation – and are supported by information system technicians often nearing retirement. The direct financial impact is significant too – due to high maintenance costs, inaccurate reporting, exceptions and other manual processes, bad-debt reserves and write-offs, the inability to apply cash across multiple accounts, and other factors.
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