Insurity Enhances Billing Solution for P&C Insurers
Staff Writer | October 02, 2014
Insurity, Inc., announces the availability of Entity Billing functionality for its Billing Decisions software for P&C Insurers. Entity Billing generates individual installment schedules for each Entity (or organization) “within” a policy, whereas other billing methods generate the installment schedule at the “policy” level for the total premium. The solution also provides for a payment plan selection by Entity within a policy.
Entity Billing is beneficial for all carriers and specifically for those supporting “pool” business or other organizational hierarchies, e.g. church diocese, medical (e.g. by institution, department, physician group and individual physician) or municipalities.
All current Billing Decisions customers receive this additional functionality. Entity Billing combines with the five other billing methods already supported within Billing Decisions which include:
- Direct Bill – Invoice per policy
- Agent Bill – Monthly statement for multiple policies and insureds by Agent
- Account Bill – Invoice per account for multiple policies
- Payroll Deduction – Statement to employer based on payroll frequency
- Deductible Recovery – Invoice per account for recovery of certain claim payments not made net of deductible
“Many carriers need the ability to manage risk purchasing at various levels within a policy and traditionally do so through either significant customization or manual processes outside their systems,” says Jim Hatch, vice president, product engineering, for Insurity. “Entity Billing, also referred to as Split Billing Support, is ideal for those insurance companies needing risk retention billing capabilities or where the carrier’s clients need flexibility in supporting internal billing of multiple groups within their organization. We look forward to enabling our customers to build ‘best-in-class’ service levels in this important area of their operation.”
Entity Billing inherits Billing Decisions standard automatic workflows, such as correspondence, billing fees, refund, and commission disbursements. Billing Decisions is a stand-alone solution as well as fully integrated part of Insurity’s Insurance Decisions Suite of core processing applications together with Policy Decisions, Claims Decisions, and Reinsurance.
Billing Decisions provides the ability for insurers to leverage flexible payment plans (from full payment to monthly) as well as multiple payment methods. Insurity’s software is optimized through rapid implementation and automated workflows as well as flexibility to allow the insurer to react quickly to changing business needs while providing streamlined operational efficiencies.
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