FINEOS Billing is a complete premium billing and reconciliation management solution for group, voluntary and individual insurance which supports all product types and billing models. By automating and streamlining key processing steps associated with complex billing, FINEOS Billing enhances the effectiveness and efficiency of insurer operations by directing attention to where it can have the most impact on premium leakage. Plus, FINEOS Billing provides billing analysts with a simplified, consolidated view of the full bill lifecycle for a more complete picture of each customer. Powered by the FINEOS Digital Platform, FINEOS Billing can be implemented as a standalone solution or as part of the FINEOS AdminSuite, to help insurers reduce operational costs and improve customer service.
Overcoming the Challenges of Life Insurance Billing
This webinar presents results from a survey carried out by Novarica on billing system capabilities at a number of mid-to large-size group carriers that offer group life and voluntary benefits/worksite products. Insurer CIOs and IT leaders were asked about challenges and limitations of their current billing solution, and their perspective on what is important in a future system.
Efficient Billing Teams
FINEOS Billing offers integrated workflow and a simplified, exception-based environment for users. By replacing multiple billing systems with a single platform, FINEOS Billing removes the dependency on shadow IT, manual processes, and the need for rekeying of data. By removing inefficient and unnecessary processes and automating standardized operations, analysts get to focus on the work that really matters.
FINEOS Billing can manage both insurer and self-administered billing models at summary or detailed levels across all lines of business. It supports all common industry billing modes and frequencies, and multi-pay point billing, reducing the time needed to enter new markets and onboard new business. It has the ability to align to the employer’s cost centers, HR locations, and reporting locations. FINEOS Billing’s Employer Viewpoint enables collaborative resolution of billing issues between carrier and employer/broker, using shared dashboards and interactive reconciliation processes.
Easy to Implement and Own
FINEOS Billing can be implemented as part of the FINEOS AdminSuite or as a standalone system. It integrates easily with multiple policy systems. Its powerful configurability capabilities empower insurers to quickly adapt their solution to support new products and business processes without the need to involve IT. FINEOS Billing includes sub-ledger integration adaptors for easy integration with existing financial systems.
Reduced Premium Leakage
FINEOS Billing improves insurer cash flow and reduces premium leakage through more accurate bills, real-time collaborative review, and automated escalation workflow for delinquency and large premium variance transactions. FINEOS Billing provides automated bill certification for self-billing groups which reduces the incidence of large over/underpayment situations. FINEOS Billing enforces accurate data capture from the outset, eliminating many of the problems associated with incorrect and missing information.