Billing and Collection enables insurance companies to effectively speed up their quote-to-cash journey by automating routines unique to billing and collection processing - including direct debit, along with offering a series of customer journeys that flawlessly guide users through their manual operations - such as completing payment allocations, importing bank statements files 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, matching, and performing the reconciliation 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. As a result, you can understand faster what invoices have been paid, and which haven’t.
The Billing and Collection solution helps insurers to handle direct debit payment operations - starting with the direct debit mandate activation procedure (in order to notify the bank about the payment arrangement between insurer and insured) up to the moment the payment is collected. Additionally, in order to accommodate the differences regarding the direct debit payments, the Billing and Collection solution has dedicated direct debit workflows for the SEPA* and for the UK financial area. Both SEPA and UK direct debit collection flows are fully automated.
On top of that, Billing and Collection offers insurers ways to:
safely handling sensitive information - such as payment data, in comparison with the traditional, paper-based methods.
implement the flexibility required to accommodate payment updates, based on policy adjustments.
achieve high proficiency in keeping track of the ever-growing payment-related data.
manage their direct debit operations in a completely safeguarded and accurate manner.
Billing and Collection is a highly customizable FintechOS solution that can be personalized in accordance with specific requirements from insurance companies. Thus, you can make sure that each component fulfills your business needs.
Below, a diagram of the Billing and Collection main allocation flows:
*Single Euro Payments Area (SEPA) allows customers to make cashless euro payments – via credit transfer and direct debit, to anywhere in the European Union.
The solution has the following key features:
The administration of different payment requests received from different sources or systems like claim payments, commissions payments, broker balance (credit) payments etc.
Processing bank statements files in various formats - e.g. the MT940 format, used in SEPA area.
Identifying the outgoing payments (including bank charges) in a bank statements file.
The automatic generation of a payment instruction file based on the received payment request.
The allocation of the confirmed outgoing payments (e.g. from a bank statement) to the specific payment request.
The possibility to send notifications with the payment confirmation, and more.
The benefits of using Billing and Collection are the following:
Works easy with volumes;
- Processing payments from bank account statements;
- Processing payments from online payment processors;
- Automated and manual payment allocation and deallocation;
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:
Load new statement for your bank accounts, obtained from your bank or from an online payments processor.
- Import payment data. Allocation is automatic for payments with details filled-in correctly.
- Deal with unallocated payments. Unallocated payments are returned automatically after a configurable number of days.
- After manual allocation, close payments.
For outgoing payments:
Load new statement for your bank accounts, obtained from your bank.
- Import payment data.
- Deal with outgoing payment requests. For recurring outgoing payment requests (such as broker payments) allocation is automatic and configurable.
- After manual approval, close outgoing payment requests.
For more details about how you can administer payments with Billing and Collection, please consult the Solution Walkthrough page.