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Ernst & Young

Few insurance companies dispute the need to transform outdated billing functions. For most, both the challenges and opportunities are clear.

Foremost among the challenges: rigid billing processes and antiquated systems clearly affect customer retention, making it difficult to implement flexible billing plans, timely invoicing, customer self-service, and other innovations. Aging legacy billing systems also lack effective security and documentation – and are supported by information system technicians often nearing retirement. The direct financial impact is significant too – due to high maintenance costs, inaccurate reporting, exceptions and other manual processes, bad-debt reserves and write-offs, the inability to apply cash across multiple accounts, and other factors.

Insurers today also recognize the high-impact opportunities made possible by billing transformation: paperless billing, enhanced offerings and customer service, and improved processes for payments, cash management, and collections. Moreover, automated billing systems reduce the cost of complying with burdensome regulatory and accounting requirements – and reduce errors caused when billing documents are manually retrieved for internal control tests.

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