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What is a Billing Management Solution?

A billing management solution or insurance billing software is a complete premium billing and reconciliation management solution for Life, Accident and Health insurance that supports all product types and billing models. By automating and streamlining key processing steps associated with complex billing management, our insurance billing software empowers insurers to quickly adapt their solution to support new insurance products and business processes with minimal IT involvement.

Our group insurance billing solution provides billing analysts with a simplified, consolidated view of the full bill lifecycle for a more complete picture of each customer. Built on the FINEOS Open Core platform, our billing software can be implemented as a standalone insurance billing management solution or as part of the FINEOS AdminSuite, to help insurers reduce operational costs and improve customer service.

 

Benefits of Billing Solutions

Create more efficient billing teams

  • Integrate workflows
  • Reduce premium leakage
  • Streamline billing practices through a single insurance billing platform

Enable collaborative resolution

  • Integrate with multiple third-party systems
  • Address separate bill presentment per line of business, and duplicate bills
  • Reduce bill discrepancy resolution timeframes

Provide a better customer experience

  • Manage both insurer and self-administered billing models
  • Support all common billing modes and frequency, including multi-pay point billing
  • Share dashboards between you and your clients

Resources

FINEOS AdminSuite

FINEOS Absence

  • Absence management software
  • Integrated with FINEOS Claims
  • Covered paid and unpaid leaves
  • Simplifies Compliance
Absence Management Software

FINEOS Billing

  • Billing management solution
  • Combined or separate bills
  • Reduced billing leakage
  • Automated cash application
Billing Management Solution

FINEOS Claims

  • Claims management software
  • Provides straight-through processing
  • Increases accuracy and compliance
  • Covers payments and return to work
Claims Management Software

FINEOS Payments

  • Payments management solution
  • Automated
  • Accurate
  • Payroll Continuity
Payments Management Solution

FINEOS Policy

  • Policy admin system
  • Set up cases quickly
  • Service all tiers and admin modes
  • Connect to digital ecosystem
Policy Administration System

FINEOS Provider

  • Provider management software
  • Drive outcome-orientated engagement
  • Manage service approvals
  • Accelerate rehabilitation and return to work
Provider Management Software

FINEOS Quote

  • Group insurance quoting software
  • Fast Life, Accident and Health quoting
  • Extend quoting to distribution
  • Comprehensive workflow
Insurance Quoting Software

FINEOS Rate

  • Group insurance rating software
  • Real-time data manipulation
  • Automated complex rating
  • Award-wining, patented technology
Insurance Rating Software

FINEOS Underwrite

  • Group insurance underwriting software
  • Integrated underwriting tools
  • Efficient collaboration
  • Comprehensive quote management
Insurance Underwriting Software

FINEOS Billing Management Solution – Frequently Asked Questions

What is billing management software for group insurance?

Billing management software is designed to support the insurance billing system and premium reconciliation processes for Life, Accident and Health insurance products. Purpose built for the Employee Benefits market, FINEOS Billing provides a solution that supports policies at both the group and member level.

What are the key features of a group billing management solution?

Some key features of a billing management solution for Life, Accident and Health insurance should include full integration with third-party applications, easy to access client information, flexible billing plans, multi-pay point billing, interactive reconciliation between carriers and clients with shared dashboards, analytics-driven workflows and reconciliation management tools.

What are the benefits of insurance billing solutions?

Insurance billing solutions can help your business by creating more efficient billing teams, enabling collaborative resolutions and providing a better customer experience.

How can a billing management solution improve service delivery to insurance customers?

Through robust search capabilities, view client information instantly through the billing analyst dashboard and improve collaboration with your clients. You can trigger reviews and management of delinquencies and discrepancies thru dynamic AI-driven workflows.

How can billing management software increase efficiency?

Billing management software allows users to unify all billing and reconciliation processes under a single system. Billing management solutions can configure billing options to provide summary and member premium calculations, selective prioritization of billing interventions, itemized bill generations and voluntary payroll deduction reports.

What kind of technology can you expect in a billing management system?

An insurance billing management solution should be highly configurable and scalable to accelerate business growth and include component-based APIs that are used to support customer interactions and transactions through the entire policy lifecycle. A billing management system like FINEOS Billing is designed to run as a standalone solution or part of an integrated cloud platform, like SaaS.

How does a group insurance billing management solution help reduce risks?

Our premium billing and reconciliation management solution is designed to provide increased accuracy which in turn reduces the number of billing related errors and insurance premium discrepancies. FINEOS Billing is a trusted and compliant platform to support the most stringent security and regulatory requirements.

How can FINEOS Billing management reduce my administration costs?

FINEOS Billing management systems help improve your cashflow with proactive receivables management and instant visibility with platform updates. Escalated assignments for delinquencies and complex billing inquiries reduce premium leakage and increase the likelihood of successful resolution.