Billing is a cloud-hosted solution for the billing and payment preferences of today’s modern consumer which creates an instant audit trail, ensures optimum cash flow, and improves executive insights into overall business performance.
Billing utilizes cloud technology and a sophisticated permissions architecture to enable self-service functionality and allow anytime, anywhere access to coverage and account information by authorized users to keep payment preferences (credit/debit/EFT or digital wallets, such as PayPal, Venmo and Apple Pay) up-to-date without switching back and forth between windows, vendors, or CSRs.
Manual processes of any kind can negatively impact downstream activities and results, and keep insurers from achieving any tangible benefits from digital transformation or innovation initiatives. Billing minimizes billing leakage by automating the daily tasks required for insurance billing, including invoices, renewal notices, cancellation notices, write-offs, disbursements, and other important billing functions..
Keeping billing and payment information for customers, as well as distribution channel partners, secure is a primary concern for insurers trying to protect and store bank account and routing numbers, credit card numbers, and links to digital wallet providers. Billing employs Transport Layer Security (TLS, the successor to SSL) protection for data in transit, and industry standard encryption to guarantee data privacy and security depending on the authority level of each individual user.