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INSURANCE TECHNOLOGY NEWS

Billing Core to Insurers' Service Strategies; Novarica Profiles 15 Vendor Solution Providers

Bill Sinn | December 04, 2018

Insurers are taking a renewed look at billing capabilities and their impact on the customer experience. Inflexible legacy billing systems can inhibit growth and ability to meet customer and agent expectations. Vended property and casualty billing solutions are maturing, giving carriers better options for a billing system modernization. A new report, Property/Casualty Billing Systems, from research and advisory firm Novarica, provides an overview of the available stand-alone billing systems for US property/casualty insurers, including profiles of each of 15 vendor solutions.

"At least half of insurers now consider billing to be a customer service issue, rather than a purely financial issue," said Martina Conlon, Senior Vice President of Research and Consulting, and co-author of Novarica's new report. "The customer service bar has been raised by the retail market through companies like Amazon, by banks such as Bank of America, and by insurance carriers like Progressive and GEICO. Online self service is now a baseline expectation of a competent provider, and expectations for mobile self service continue to increase, making billing a critical component of digital transformation."

Vendors included: Axiom, Billing Management Services, Decision Research Corporation, Duck Creek Technologies, DXC Technology, EIS Group, Guidewire, Input 1, Insuresoft, Majesco, OneShield, Policy Administration Solutions, Sapiens, SpeedBuilder Systems, and West Point Insurance Services.

Please contact media@novarica.com  or call Victoria Spitz at 833-668-2742 Ext. 130 for more information.


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