Oracle Insurance introduces the latest version of its revenuemanagement and billing solution, a rules-based system that enablesinsurers to manage billing, payments and collections using a singlesolution.

With the newest version of the software, insurers can automategroup and list bill reconciliation—traditionally a labor-intensive,manual process—enabling them to cut processing costs, improveproductivity, and reduce revenue leakage through improvedreconciliation accuracy.

"Modern, flexible, insurance billing systems are critical tomeeting customer service and communications objectives," says MikeFitzgerald, senior analyst at Celent. "The billing function istransforming from a back-office operation to a front-office valueproposition. Carriers are making significant investments in skillsand technology to position billing as a critical customer serviceactivity and an opportunity to retain clients."

The new release supports group and list bill capabilities forall lines of business, including property & casualty, life, andhealth.  Insurers can prepare consolidatedinvoices—covering multiple policies and lines of business—that aremore convenient for customers and provide greater detail, helpingto drive improved customer satisfaction.

New collections functionality enables insurers to managecollection rules and processes.  The solution enablesusers to search a case by account number or attributes, providing acentral point for determining the most appropriate collectionsstrategy and then managing a case throughout its entire lifecycle,from creation and assignment through close.

Oracle Insurance Revenue Management and Billing is nowintegrated with Oracle Documaker, enabling insurers to implement anend-to-end, automated workflow for producing personalized,consolidatedbillsand correspondence, to improve customercommunications. This integration helps insurers minimizeintegration cost and risk by quickly adapting pre-built content tofit specific business needs.

"The insurance industry has evolved into an environment wheremulti-product, multi-channel strategies are critical to marketsuccess," says Srini Venkatasanthanam, vice president, productstrategy, Oracle Insurance. "With the introduction ofcomplex distribution relationships, group product bundles and anever-increasing focus on cross-selling, insurers need billingsystems to support the vision of flexible products, universalcustomer service and accurate consolidated billing."