New Version of EIS Group's BillingCore Software Introduced
Staff Writer | September 10, 2015
EIS Group announces the latest version of BillingCore, a key component of the EIS Suite, which includes functionality to support modal billing across personal, commercial, and benefits lines of insurance business.
The modal billing functionality allows EIS Group’s insurance clients to adjust premium billing to fit specifications for any payroll type or frequency preferred by an employer, business or individual. To keep pace with industry trends and consumer preferences, this moves the modern insurer away from monthly batch billing and provides flexibility for better ease of doing business, reduced reconciliation time, improved cash flow across the value chain, and the ability to compete without constraint.
"Billing systems are becoming value-added technologies in need of replacement and regular updates to keep pace with customer demand and growing data complexity," says Karen Pauli, senior executive advisor for CEB TowerGroup. "They are being pulled out of the back-office and put onto the front lines. Modal billing is among the key features EIS Group has developed for insurer customers, customer service representatives and agents that facilitate usability and focus on areas that are important for commercial, personal, and benefits lines of business."
The EIS Suite, which includes PolicyCore, BillingCore, ClaimCore, and CustomerCore, is built on an open, scalable platform to support multi-line, multi-distribution, and multi-point engagement over the lifetime of customer interactions. BillingCore, in particular, automates critical billing tasks for both inbound and outbound payment issues and enables insurers to produce a consolidated bill for all products by customer, to configure billing rules to minimize time spent on maintenance and administration. Additionally, BillingCore helps insurers operate seamlessly and efficiently in an omni-channel environment, which aligns with the flexible ways customers want to be billed.
Other enhancements to BillingCore are designed to increase speed-to-market, enable internal efficiencies for insurers and improve customer service, including:
- Support for business rule creation which automatically populates payroll calendars with appropriate premium deductions according to, and in alignment with, invoicing calendars;
- Suspension of billing account handling to support payment-to-invoice reconciliation;
- Enhanced payment plan and billing due day configuration;
- Paid-to-date indicators at both the group and account level;
- Real-time billing moratorium updates; and
- Returned premium handling flexibility.
"When it comes to billing, reconciling pay mode premium with billing cycles is a particularly onerous challenge for insurers and employers," says Rowshi Pejooh, senior vice president, product management for EIS Group. "This release provides the flexibility to align insurer or employer billing cycles with policyholder payroll cycles, thereby creating an easy-to-do-business-with environment for policyholders, while reducing manual reconciliation effort and costs associated with workarounds caused by legacy system limitations."
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
Insurance carriers interested in meeting or exceeding their customer’s expectations regarding mobility are looking at a two-pronged approach... READ MORE
Robert Regis Hyle
Everybody has a wish list and it seems that atop the lists for insurance carriers still operating with legacy systems is the desire to do away with... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Strategy Meets Action will hold its annual Summit in Boston on Sept. 14 and the focus for this year is: Becoming the Next-Gen Insurer... READ MORE
Starting last fall when the technology company dropped Mastek from its name and became simply Majesco, its mergers and acquisitions, and hirings have... READ MORE
Digital represents a continuous form of disruption to existing or new business models, products, services or experiences enabled by data and... READ MORE
In spite of all the arm-flapping and hand-waving stirred by the Affordable Care Act (ACA), the way health insurance is purchased, and employee... READ MORE
- Vendor Views