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.
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