FINEOS Billing offers the most comprehensive billing and premium reconciliation solution in the Life, Accident and Health industry. Purpose-built for Employee Benefits, FINEOS Billing management solution supports policies at both the group and member level. Its cutting edge, customer-centric design provides the ultimate account flexibility to match customer account billing needs. With 24×7 access to accurate and up-to-date information, FINEOS Billing makes superior service delivery possible – every single time.
FINEOS Billing Management Solution
BILLING | Increase Operational Efficiency and Effectiveness
- Unify all billing and reconciliation processes under a single system.
- Configure billing options to provide summary and member premium calculations and support all benefit types and premium rating structures.
- Simplify the insurance billing system and reconciliation processes with integrated workflows, automated calculations and communications, and consolidated views of all history.
- Support selective prioritization of billing interventions through analytics-driven workflows.
- Generate itemized bill and voluntary payroll deduction report.
PREMIUM RECONCILIATION MANAGEMENT | Increase Collaboration to Enhance Service Delivery
- View client information instantly thru the Billing Analyst Dashboard’s robust search capabilities.
- Improve collaboration with clients and other departments thru shared dashboards to enable interactive reconciliation and collaborative issue resolution.
- Trigger additional review and management of delinquencies and complex premium discrepancies thru dynamic, AI-driven workflows.
- Manage receivables proactively by establishing receivables estimates in advance of the billing period, providing automatic updates and reports.
- Track and manage exceptions more efficiently thru variance monitoring tools.
TECHNOLOGY | Configured for Maximum Flexibility
- Open architecture with out-of-the-box accelerators to facilitate implementation, including data migration and third-party APIs.
- Architected to run as a standalone solution or as part of an integrated cloud-based platform, including SaaS.
- Highly-configurable, scalable platform to accelerate growth and innovation.
- State-of-the-art, integrated, component-based APIs to support transactions and customer interactions throughout the entire policy lifecycle.
- Trusted and compliant platform to support the most stringent security and regulatory requirements.
Key Features of FINEOS Billing Management Solution
- Flexible configuration options that adhere to industry standards
- Billing options by account, by policy, and by term, including seasonal billing
- Robust search engines for 24×7 access to current information
- Design flexibility for billing plans, modes, and players, including multi-pay point billing
- Real-time rebill for current eligibility and enrollment information
- Shared dashboards for interactive reconciliation and collaboration
- Rich receivables management including pre-billing estimation and automatic adjustments
- Integration-ready for accounts receivables, commissions, other financial systems, and third-party applications
Outcomes of FINEOS Billing Management Solution
Increased Customer Satisfaction
- Robust search engines make it easier to find information needed to resolve billing issues.
- Customer-centric views of policy, billing and payment information increase productivity and enable faster service delivery.
- Shared dashboards and interactive self-service portals increase carriers’ ability to deliver exceptional service to clients.
- Agent/distributor productivity and overall satisfaction is increased from fewer billing inquiries and faster resolution of issues.
- Proactive receivables management and premium reconciliation improves cash flow.
Reduced Costs and Risks
- Increased accuracy and data capture reduces the number of billing related errors and premium discrepancies.
- Automated calculations reduce cost, time and errors associated with manual business processes and calculations.
- Escalated assignments for delinquencies and complex billing inquiries reduces premium leakage and increases likelihood for successful resolution.
- Improves cash flow with proactive receivables management and instant visibility when updates occur.
- Improved billing team productivity from AI-driven workflows and assignments.
Improved Operational Efficiency and Effectiveness
- A single billing system reduces cost, time and frustration associated with redundant data entry and siloed business processes.
- Increased billing team productivity from shared access to billing information and transaction history.
- Role-based portals provide a consistent, integrated customer service experience and enable team-based service delivery.
- Shared central premium and coverage calculation module ensures consistency and reduces errors.
- Easy to configure and implement billing solutions foster innovation and increase competitive advantage.
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest employee benefits insurers in the U.S. as well as a 70% market share of group insurance in Australia. With employees and offices throughout the world, FINEOS continues to work with innovative, progressive insurers in North America, Europe, and Asia Pacific.
The FINEOS Platform is purpose-built for the Life, Accident and Health industry and the Employee Benefits market to seamlessly support insurers, employers, and employees on their insurance journeys. It is deployed as an end-to-end core solution or as components for incremental transformation on secure, scalable SaaS cloud technology.
The FINEOS Billing management solution provides a fully configurable, modularized platform to simplify the complexity of billing and premium reconciliation at both the member and group levels for Life, Accident and Health.
Contact us today to learn more.