EIS Group, a provider of core software systems to insurers, today announced the latest version of BillingCore™, a key component of the EIS Suite™, includes functionality to support modal billing across personal, commercial and benefits lines of insurance business.
Across supported lines of business, the modal billing functionality allows EIS Group insurance company 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,” said 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.