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End 'Revenue Leakage' with New Billing Enhancements
In June, Oracle launched Oracle Revenue Management and Billing for Insurance, a rules-based, end-to-end billing solution targeted for the specific needs of the insurance industry.
Built on Oracle’s existing billing application, the new product offers insurance companies a solution that's tailored to their own specific needs. It's designed to help insurers increase revenue, reduce costs, improve customer service and satisfaction rates, support multiple sales channels and large-group billing, and consolidate billing infrastructure to reduce total cost of ownership.
Key capabilities of the new product include intelligent collection processes that improve cash capture and strategic cash management, enabling cash-flow monitoring and payment-behavior forecasting.
"As investment returns are drying up during this period of financial turmoil, insurance companies are looking at operational efficiency more closely than ever before for improving their margins," says Arul Ramdoss, product manager, Oracle Financial Services.
"Billing plays an important role in decreasing operating costs and increasing revenue. With intelligent billing and collection processes, we can avoid negative equity and revenue leakage, increase cash capture, and enable cash flow management. Electronic processing and Web self-service not only improve customer satisfaction, but also decrease processing costs."
In related news, new pricing, billing, payments, and collection modules for Oracle Revenue Management and Billing for Banking are also in the works. The modules, which will be of particular interest to retail banks, are designed to help consolidate the sprawling IT infrastructures of banks that now run multiple financial-management systems across their organizations, says Donalyn Selinsky, senior director of business development, Oracle Financial Services.
"A significant pain point arises from the 'revenue leakage' that results when banks maintain a number of legacy systems," she says. "Banks have difficulty analyzing the receivables across all of those systems, which makes it a challenge to effectively forecast future performance and investments."
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