Oracle Insurance Revenue Management and Billing

Oracle Insurance Revenue Management and Billing is a modern, rules-based system for billing, payment, and collections that increases revenue opportunities while reducing costs; improves customer service; provides sales channel support; handles large group billing; and consolidates billing infrastructure.

Key Modules

• Billing — Supports both traditional and electronic processing of invoice and statement generation, payroll deduction process, and account current processing
• Payment — Supports both traditional and electronic payment formats, including EFT, cash, check, credit and debit cards, lockbox, and more
• Collections — Provides sophisticated collections functionality to manage collections rules and processes, through dunning to receivables

Improve cash flow and forecasting and avoid the loss of revenue due to billing inefficiencies with Oracle Insurance Revenue Management and Billing. Built-in business rules separated from the underlying code empower business users to configure changes and respond quickly to changing business needs, improving billing efficiency. Web self-service and case management with workflow capabilities enable better record maintenance and faster dispute resolution, resulting in reduced call center volume.

Oracle Insurance Revenue Management and Billing has an easy-to-configure user interface and dynamic dashboard that provides agents and customer service representatives with a 360-degree view of customer and account information. It also provides rich, insurance-specific call center functionality, allowing for faster resolution of customer inquiries. The end result is improved customer service, higher rates for retention and renewal, and increased cross-selling opportunities.

The ability to support multiple channels, new payment methods, and more flexible plans is critical for insurance companies. Oracle Insurance Revenue Management and Billing comes with comprehensive account current and group bill reconciliation processing with automated discrepancy resolution rules — improving revenue management and relationships with your brokers and agents.

With Oracle Insurance Revenue Management and Billing, you can support multiple lines of business on a single powerful platform. This eliminates redundancies and costly errors, in addition to reducing the total cost of ownership for systems and maintenance. Oracle Insurance Revenue Management and Billing also supports multiple methods for integration with legacy systems including service-oriented architecture (SOA), Web Services, XML Application Integration (XAI) and Oracle Application Integration Architecture (AIA) for Insurance. Proven processes and metadata-driven configuration also preserve your upgrade path.

Key Features

• Multi-line support on one system — Eliminates the need to manage multiple billing platforms across the insurance enterprise
• Business rules separated from underlying code — Empowers business users to make changes without IT intervention
• E-billing and Web-based, self-service options — Provides support for agents, producers and other distribution channels, as well as customers
• Multi-lingual and multi-currency support — Enables international carriers to comply with local regulations, improve speed-to-market, and reduce IT costs
• Consolidated billing — Provides single, 360-degree view of all customer billing interactions, so customers with multiple policies receive a single bill
• Comprehensive account current and group bill processing — Provides better support for the distribution channel and easy reconciliation for group bill, resulting in faster cash realization and lower write-offs
• Scalable for enterprise deployment — Grows along with your business
• Brower-based with exposed Web services
• Extensible data model with unlimited user-defined fields
• Insurance-specific call center functionality