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 - this way, you can understand faster what invoices have been paid, and which haven’t.

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

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

Additionally, in order to accommodate the differences regarding the direct debit payments, the Billing and Collection solution has dedicated workflows for the Single Euro Payments Area (SEPA) and for the UK financial area.

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 solution.

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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 clients!