Insurity Enhances Billing Solution for P&C Insurers
Staff Writer | October 02, 2014
Insurity, Inc., announces the availability of Entity Billing functionality for its Billing Decisions software for P&C Insurers. Entity Billing generates individual installment schedules for each Entity (or organization) “within” a policy, whereas other billing methods generate the installment schedule at the “policy” level for the total premium. The solution also provides for a payment plan selection by Entity within a policy.
Entity Billing is beneficial for all carriers and specifically for those supporting “pool” business or other organizational hierarchies, e.g. church diocese, medical (e.g. by institution, department, physician group and individual physician) or municipalities.
All current Billing Decisions customers receive this additional functionality. Entity Billing combines with the five other billing methods already supported within Billing Decisions which include:
- Direct Bill – Invoice per policy
- Agent Bill – Monthly statement for multiple policies and insureds by Agent
- Account Bill – Invoice per account for multiple policies
- Payroll Deduction – Statement to employer based on payroll frequency
- Deductible Recovery – Invoice per account for recovery of certain claim payments not made net of deductible
“Many carriers need the ability to manage risk purchasing at various levels within a policy and traditionally do so through either significant customization or manual processes outside their systems,” says Jim Hatch, vice president, product engineering, for Insurity. “Entity Billing, also referred to as Split Billing Support, is ideal for those insurance companies needing risk retention billing capabilities or where the carrier’s clients need flexibility in supporting internal billing of multiple groups within their organization. We look forward to enabling our customers to build ‘best-in-class’ service levels in this important area of their operation.”
Entity Billing inherits Billing Decisions standard automatic workflows, such as correspondence, billing fees, refund, and commission disbursements. Billing Decisions is a stand-alone solution as well as fully integrated part of Insurity’s Insurance Decisions Suite of core processing applications together with Policy Decisions, Claims Decisions, and Reinsurance.
Billing Decisions provides the ability for insurers to leverage flexible payment plans (from full payment to monthly) as well as multiple payment methods. Insurity’s software is optimized through rapid implementation and automated workflows as well as flexibility to allow the insurer to react quickly to changing business needs while providing streamlined operational efficiencies.
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- ProSight Direct Offers “Effortless Insurance for Today’s Professional”
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- 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
- The Doctors Company Names Howard Mills to Board of Governors
- Oregon State Bar Professional Liability Fund Completes Successful Implementation of One Inc Digital Payments Platform
- Long-Term Data Strategies, Improved Underwriting and Product Development Key for Specialty Insurers, Says Novarica
- MEMIC Hires Lieberman as Production Underwriter in Pennsylvania and New Jersey
- Lightning Dangers Emphasized During Building Safety & Electrical Safety Months
- MVP Advisory Group Announces Partnership with DynaQuest Technology Services, Inc.
- ValueMomentum Selects Erie as Site of Regional Development Center
- Euan King Joins Instanda to Lead Business Development
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 LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
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