Employee Benefits Billing System Spectrum
Billing and collection systems have become differentiators in the customer-centric landscape of employee benefits. The report looks at seven vendors that are providing stand-alone, multi-carrier billing and collection systems.
In the new report Employee Benefits Billing System Spectrum, Celent profiles seven providers of stand-alone, multi-carrier billing and collection systems. Each vendor responded to a request for information and provided a demonstration and briefing of their billing solution.
Multi-carrier support is a key factor because insurers providing employee benefits desire the ability to partner with other insurers to provide a full range of products, thus reducing the need for the employer to have contracts with multiple insurers.
For purposes of this report, a billing and collection system prepares, distributes, and administers the payment and collection of premium for employer-paid and voluntary employee benefits insurance products. The system must be able to work as an individual component that can be integrated with other systems such as an enterprise data store, policy administration, accounting, and reporting systems.
“Billing solutions are gaining momentum in the market. The right billing and collection system provides a positive impact on the customer experience, agent satisfaction, and the overall impression of the insurer,” says Colleen Risk, a senior analyst with Celent’s Insurance practice and author of the report. “The insurer who can offer the ability to bill and collect premiums in multiple ways, providing services that are transparent and easy to use, will become a leader.”
This 56-page report contains 28 tables and 7 figures.