Oracle Insurance has introduced the latest version of its revenue-management and billing solution, a rules-based system that enables insurers to manage billing, payments and collections using a single solution.
With the software’s newest version, insurers can automate group- and list-bill reconciliation—traditionally a labor-intensive, manual process—enabling them to cut processing costs.
“The billing function is transforming from a back-office operation to a front-office value proposition,” Mike Fitzgerald, senior analyst at Celent, says in a statement. “Carriers are making significant investments in skills and technology to position billing as a critical customer-service activity and an opportunity to retain clients.”
New collections functionality enables insurers to manage collection rules and processes. The solution enables users to search a case by account number or attributes, providing a central point for determining the most appropriate collections strategy and then managing a case throughout its entire life cycle, from creation and assignment through close.
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