Overview

Billing and Collection is a highly customizable FintechOS solution that enables insurance companies to effectively speed up their quote-to-cash journey by automating routines unique to billing and collection processing, along with offering a series of digital journeys that flawlessly guide users through their manual operations - such as completing payment allocations or introducing a new payment request, in a timely and accurate manner.

With Billing and Collection, invoicing is automatic only. Invoices are constantly generated into your system for all your insurance products that are in Active status. For billing and collection operations, you can use the solution in conjunction with online payment processors as well as bank payment orders. Furthermore, uploading a bank statement file, for your bank accounts, triggers the automatic parsing, sorting, and matching of the Payment data - contained by the file, with the Invoices or Payment Requests already registered into your system. For payments that respect some rules - such as providing the correct unique identifier for an installment or the number of the policy, the allocation flow is also completely automated.

On top of that, Billing and Collection offers insurers alternative ways to:

  • increase safety when handling sensitive information - such as payment data, in comparison with the traditional, paper based methods.

  • implement the flexibility required to accommodate payment constraints along with payment updates, based on policy adjustments.

  • achieve a high proficiency in keeping track of the ever-growing payment related data.

  • manage their operations in a completely safeguarded and accurate manner.

When necessary, the Billing and Collection solution can be personalized in accordance with specific requirements from insurance companies. Thus, implementation time is shortened, while you can make sure that each component fulfills your business needs. For example, using Billing and Collection along with different FintechOS Automation Processors enables insurance companies to digitize workflows and improve accuracy, while also reducing the amount of time spent on other routine business operations.

The present guide helps you discover how to make the best use out of the Billing and Collection module.

FintechOS clients use the Billing and Collection solution to respond to different challenges related to:

  • time-consuming routines;

  • routines more prone to human error when done manually;

  • complex recurring billing and collection scenarios;

  • the sheer volume of collection activities;

  • little time to identify and deal with discrepancies in collections.

The solution has the following key features:

  • seamlessly automate billing & collection routines;
  • processing payments from bank account statements;
  • processing payments from online payment processors;
  • automated and manual payment allocation and deallocation.

The benefits of using Billing and Collection are the following:

  • works easy with volumes;

  • scales from the simplest of billing and collection models to the most complex ones;

  • manages one-time and low usage billing and collection scenarios and also the frequently recurring ones;

  • speeds up billing and collection processes by automating routines;

  • reduces the risk of human error while handling accounts;

  • frees up time for where attention is really needed: selling more insurance!

For incoming payments:

  1. Load new statement for your bank accounts, obtained from your bank or from an online payments processor.

  2. Import payment data. Allocation is automatic for payments with details filled-in correctly.
  3. Deal with unallocated payments. Unallocated payments are returned automatically after a number of days that you can configure.
  4. After manual allocation, close payments.

For outgoing payments:

  1. Load new statement for your bank accounts, obtained from your bank.

  2. Import payment data.
  3. Deal with outgoing payment requests. For recurring outgoing payment requests (such as broker payments) allocation is automatic and configurable.
  4. After manual approval, close outgoing payment requests.

For more details about how you can administer payments with Billing and Collection, please consult the Payments Management page.

HINT  Integrate Billing and Collection with more FintechOS solutions for insurance in order to make the best of process automation for your company, portfolios, products, and customers!