With a modern, architecturally sound billing and invoicing SaaS platform from EIS, insurers get full control of billing cycles for all customer types and product lines. See how EIS BillingCore® does it.
Developed with ambitious insurers in mind, BillingCore automates key billing operations, turning them into routine processes that need little or no agent intervention. Streamlined end-to-end billing through BillingCore SaaS not only improves efficiency and cash-flow visibility for insurance organizations, but also makes payment as easy as possible for all billable parties.
Whether working alongside the rest of EIS Suite™ or other core systems for claims and policy handling, several critical features make BillingCore the ideal insurance billing management solution:
Establish full control of billing lifecycles for all customers and product lines. For example, unlike legacy or “modern” legacy group billing software, BillingCore supports a wide variety of billing modes and payment methods, for the convenience of invoicer and invoicee alike. Through integration with PolicyCore® or any third-party policy administration system, the platform also keeps every bill in alignment with policy requirements.
BillingCore even makes sure you don’t miss a beat when delinquencies or exceptions occur. Carriers can set up automated notices, refunds, and tolerance checking to make sure anomalies don’t become significant problems.
BillingCore fully supports automated, semi-automated, and manual invoicing across any channel, set at any frequency (monthly, quarterly, annually, and more). Meanwhile, Payment Hub serves as both a dashboard and a record repository for all financial transactions. BillingCore also makes it simple to trigger operations when manual intervention is necessary, like payment suspensions.
Set up essential due diligence over ongoing payment cycles by using the self-service reconciliation feature of BillingCore. The system allows insurance carriers to comprehensively collect, analyze, and report on reconciliation data. It also makes it easier to spot and address discrepancies between billed amounts and payments received.
Brokers can easily access their commission statements and review billing cycle data for their broker-of-record policies through a BillingCore portal. On top of that, this feature ensures the accurate calculation and efficient payment of broker and agent commissions (whether fixed-amount or variable).
Make sure every process within the billing lifecycle is data-driven by using our data and analytics tools. Insurers can aggregate data from all relevant sources and present it via intuitive dashboards and reporting templates. This provides comprehensive insights into billing and payment cycles, supporting data- and strategy-driven financial decisions for wins now and over the long term.
In collaboration with EIS and leveraging Tower’s digital capabilities, we were able to effectively scale our modern NZ proposition across all operations, including the Pacific, making insurance more accessible through our market-first and market-leading, simple online portal and easy payment.”
Eli Hirschauge, Head of Strategy & Governance, Tower Insurance
BillingCore supplies insurance carriers with versatile, intuitive tools to manage billing issues before they become complications and establish full visibility into (and control of) their billing lifecycles.
The advanced automations in BillingCore facilitate efficient and thorough retroactive action to minimize losses from things like delinquencies and underpayments. Unlike what they can expect from traditional insurance billing software, insurers who use BillingCore massively cut down on manual work while custom-configured workflows execute any necessary repricing and adjustments.
The platform’s support for multiple billing modes also provides deeper insight into customers’ payment habits. Carriers selling group policies can use end-to-end billing models like list bill or individual premium accounting to quickly learn about underpayments or overpayments on a member-by-member level.
BillingCore Product Overview
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