In the family of core systems, billing often is viewed as the runt of the litter. The replacement of policy administration systems has overshadowed billing as insurance carriers focus on growth strategy first and customer service strategies second, according to Martina Conlon, a principal in Novarica's insurance practice.
"We know that billing is a customer service application," she says. "It's a financial application, but is critical in customer service. As we see customer service being prioritized as a strategic goal, billing systems are becoming more of a priority."
Karen Furtado, partner with Strategy Meets Action (SMA), finds that what drives carriers to think of changes in their billing systems is when they don't have the capability of doing things for themselves that they see with their competitors.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
