The newest release features functionality that helps insurers to reduce costs by consolidating billing infrastructure, expand insight into the billing process, increase revenue opportunities, and improve customer service and sales channel support.
Oracle Insurance Revenue Management and Billing – which enables billing, payments and collections management via a single solution – is now integrated with
Oracle Business Intelligence Publisher. This integration helps insurers generate report templates in real time, providing expanded insight into customer billing and cash flow, thus improving revenue management.
Expanded tables, pooling and aggregated pricing functionality provides support for multiple hierarchies, giving insurers the ability to add products quickly and to bill for more than just insurance premiums. For example, a property & casualty (P&C) insurer can use the system to bill for auxiliary services, such as roadside assistance programs, thus adding new opportunities for revenue.
New, flexible cashiering capabilities enable insurers to apply multiple payment types to a single invoice, as well as apply a single payment across several invoices for greater customer convenience. These capabilities also enable insurers to change the currency in which an account is invoiced.
Oracle Insurance Revenue Management and Billing features a robust calculation engine that accepts data from multiple policy administration systems to create a consolidated bill. The ability to manage billing, payments and collections via a single solution helps reduce IT costs, while the ability to provide a single, convenient customer invoice covering all policies and accounts helps to increase customer satisfaction.
The calculation engine can also help insurers tackle complex tax and commission requirements, and – in conjunction with Oracle business intelligence solutions – can contribute to compliance with the "medical loss ratio" provision of the Patient Protection and Affordable Care Act.
With the newest version, insurers benefit from expanded rules-based automation capabilities for credit and collections management. Insurers can use business rules to automate as much or as little of the credit and or collection process as they wish – including accounts receivable tracking, reminder notifications, cancellations and business write-offs – spending less time on unprofitable customers and giving more personalized attention to their best customers.
“Today’s insurance customers and channel partners are looking for more flexible and convenient billing and payment choices. Insurers are eager to meet these requirements, but they are often saddled with outdated and fragmented billing environments that limit their options. Oracle Insurance Revenue Management and Billing helps insurers manage billing and payments from a single, modern, rules-based solution. This capability helps insurers consolidate their billing infrastructure to reduce costs, and at the same time, provide the convenience that customers are demanding," said Srini Venkatasantham, vice president, Product Strategy, Oracle Insurance.
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