Instec Offers New Billing Module to Policy Platform
Staff Writer | April 27, 2016
Instec announces the availability of Instec Billing, a fully integrated billing system for insurers and managing general agents (MGAs). Instec acquired the recently-developed software from Pennsylvania Lumbermens Mutual Insurance Company (PLM), 2015 winner of Celent’s Model Insurer Award for innovative legacy and ecosystem transformation. PLM’s software developers will remain involved as the new product is introduced to the marketplace.
Once viewed as a back-office function, billing is now recognized as a potential source of competitive advantage. For leading insurance carriers and MGAs, an effective billing solution is vital to creating a differentiated customer experience and a healthy cash flow.
Continuing the model Instec established with its policy system, the billing module is highly-configurable and builds on Instec’s reputation for rapid implementation and high reliability. The module’s features are fully integrated with Instec’s policy system and support the full billing lifecycle for all policy transactions.
“The hyper-competitive marketplace has created a need that suite vendors are not meeting. Insurers and MGAs need systems that can be deployed in weeks, not years, at a price that matches the opportunity cost. Based on the feedback we received from clients and prospects, it became clear that the market wants a highly-configurable suite, and this is a major step in that direction. Who better to partner with than an innovative carrier such as PLM?” says Ray Simon, president and CEO of Instec.
The new system will support a wide variety of payment plans, billing types, and commission options, including the ability to easily add or modify installment plans, bill directly or on behalf of an agency, and manage gross and net broker commissions. Invoices will be customizable to match the look and feel of a company’s branding.
“This joint venture is just the latest example of the deep relationship between PLM and Instec. The development team has done an extraordinary job building a robust billing system that delivers value to shareholders and customers alike,” says John Smith President and CEO of PLM.
Like Instec’s policy system, Instec Billing will be sold under the company’s SaaS model, and will run on the Microsoft Cloud. Additional features include automated workflows, user-defined payment application rules, and easy access to data through out-of-the-box reports and visualization of billing analytics.
“Today’s insurers and MGA’s are focused on business capabilities and time to market, more than pure architecture. Partnering with an innovative carrier like PLM is a really unique way to come to market with billing capabilities expanding the Instec solution into the suite space. This is a true game changer,” says Karen Furtado, partner at Strategy Meets Action.
The billing system has been in production for over a year, and will be available in the cloud, beginning July 2016, as part of Instec’s policy platform.
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Sapiens DECISION Recognized as a “Hot Vendor in Digital Business Platforms, 2017”
- DATAMATX Announces Prelude Software as New Solutions Partner
- Quadient Appoints Christian Hartigan President and General Manager of the Americas
- Gibraltar BSN Life Berhad Selects Majesco Distribution Management and Majesco Digital Solutions
- Desjardins General Insurance Group Deploys EIS Suite for Commercial Lines
- Acuity Modernizes Customer Communications Management with OpenText Exstream and ValueMomentum
- COUNTRY Financial Joins Roost’s Home Telematics Program
- Roost partners with The Weather Company
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
It has become a common refrain over the past few years to view the practice of enterprise architecture (EA) as something that time has passed by, much... READ MORE
One important trend in society over the past decade is our increasing ability to create and consume a seemingly unlimited amount of digital content... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Fraud detection has always been and will continue to be a critical component of claims management. Learning the lessons from current claims Straight... READ MORE
- Vendor Views