Financial Services and Insurance Edition
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New Revenue Management and Billing Release Cuts Processing Costs for Insurers

Oracle recently released the latest version of Oracle Insurance Revenue Management and Billing, a rules-based system for managing insurance billing, payments, and collections within a single solution.

With the new release insurers can automate group and list bill reconciliation activities, formerly a labor-intensive, manual process. This automation helps insurers cut processing costs, improve productivity, and increase reconciliation accuracy.

“Modern, flexible, insurance billing systems are critical to meeting customer service and communications objectives,” says Mike Fitzgerald, senior analyst at Celent, a research and consulting firm for the financial services industry. “The billing function is transforming from a back-office operation to a front-office value proposition. Carriers are making significant investments in skills and technology to position billing as a critical customer-service activity and an opportunity to retain clients.”

Improve Customer Service
The latest version supports group and list bill capabilities for all lines of business, including life, property and casualty, and health operations. This means insurers can enhance customer service by providing consolidated invoices that cover multiple policies and lines of business.

New collections capabilities help insurers effectively manage collection rules and processes. Users can search a case by policy number or other attributes, providing a central point for determining the most appropriate collections strategy, and then manage a case throughout its entire lifecycle, from creation and assignment through close.

Oracle also integrated the new release with Oracle Documaker Enterprise Edition to help insurers implement workflows for consolidated bills and correspondence.

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