Payments Management

The Billing & Collection solution enables you to automatically handle different types of billing and collection routines, based on the payment data received from different sources or systems. Additionally, you can manage some of the flows manually - for example, for adding bank statement files or registering outgoing payment requests, when needed.

Here are the main Billing & Collection functionalities, and how they work:

  • The Invoices section allows you to see all your invoice records. These are automatically generated in the system for all the policies that include active insurance products, according to the settings you configured for each product.

    For details about invoice settings at the product level, consult the Insurance Product Factory documentation and, for scheduling payments, consult the Policy Administration documentation.

  • The Bank Statements section allows you to manually add the statements issued by your bank, for your accounts. Uploading these files in the system triggers the automatic parsing, sorting, and matching of the included Payments with your Invoices or, depending on the case, with your Payment Requests. You can integrate Billing & Collection with any payment processor in order to complete the collection operations.

  • The Payments section offers an overview of all your payments, incoming and outgoing, with their current business statuses - such as Unallocated, Partially Allocated, and Closed. This view is automatically and continuously updated with new payment data, as it is progressively fed into the system automatically, or registered manually, and processed by the system.

  • In the Unallocated Payments section, you can see all incoming payments that the system was unable to allocate automatically. You can either use the Allocate or the Return manual flow, in order to deal with the selected unallocated payment.

  • The Outgoing Payment Requests section lets you manage payment requests received from different sources, such as when you import bank statement files, when you return an unallocated payment, when you receive a request through an API call. Additionally, you can manually register a request for payment in the system. Once registered, the outgoing payment request can be proposed, approved or declined according to your needs.

  • The Billing & Collection Direct Debit functionality helps insurers to handle direct debit payment operations. In order to accommodate the differences regarding the direct debit payments, the Billing & Collection solution has dedicated workflows for the Single Euro Payments Area (SEPA) and for the UK financial area. You can read about them on the Direct Debit SEPA and Direct Debit UK pages. For configuring either of the flows to be applied to your system, go to the Setting the solution for DIDE processing section, on the Billing and Collection Configurations page.

  • Customer Notifications is a feature that allows you to automatically notify your customers about the status of their premium payments, according to their policy. The Billing & Collection solution allows you to send emails to the policyholder about the following payment events:

    • The generation of the invoice for an installment;

    • Follow up for unpaid invoices;

    • Confirmation of the premium payment.

When generating an invoice that contains multiple policies, the notification template (email or. pdf) lists all the policies included in the invoice, and the total amount for that invoice. For more details about this functionality, consult the Set the Billing Notifications page.