Duration: 45 Minutes
Billing is an essential, though sometimes underestimated, core activity for insurers. Billing proficiency is critical to providing a positive and consistent customer experience, yet few carriers have focused their efforts on improving/enhancing their billing and accounting systems. After all, your underwriters interact with the customers and agents/brokers only once or twice, perhaps at renewal time, on a single customer. But your accounts receivable department touches your customers as many as 12 times a year, whenever a bill is issued.
Many carriers are still hobbled in their efforts to effectively administer billing, cash management and collections by their legacy -- and often homegrown -- systems. The result is too much manual interaction, which leads to costly, error prone inefficiencies and less than positive perceived customer service. But it doesn't have to be this way, and a growing number of insurance companies are seeking to differentiate themselves competitively by transforming their billing, collections and revenue management systems.
Carriers that opt to implement a modern billing solution stand to gain numerous benefits, including complete consolidation of all customer financial data coming from many policy systems in one holistic view to the customer, broker or agent, and visibility into their position and financial value to the company.
At this timely session, you will learn how leading-edge billing and customer care systems can help insurers be more competitive and deliver a better customer experience by delivering a centralized billing repository blending data from many policy administration systems, empowering a carrier, broker or agent to give a more agile response to market conditions, while reducing errors, manual inefficiencies and paper. Hear how top global insurance organizations are using Oracle Revenue Management and Billing Software to transform operations, gain competitive advantage, and interact with clients and trading partners more effectively.
- E-billing/e-payment and self-service capabilities.
- Improved responsiveness and risk management.
- Flexible payment methods and timely resolution of disputes.
- Better compliance with financial and accounting standards.
- Back-office efficiencies through automation of manual processes and elimination of legacy systems.