PREMIA Astra Billing

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Key Features

Direct Bill - It’s a single invoice for a single policy. Direct Bill is defaulted, unless a different type of Bill is selected

List Bill - It is a single invoice to a mortgagee, agency, or other third-party payees for multiple clients and multiple policies

Combined Bill - It combines multiple policies of a single customer on a single physical invoice

Payment Plan Setup: Define various payment plans with respective installment percentages and due dates. Based on the due days defined for each installment, the due date is calculated

Key Benefits

Delinquent Premium Management: PREMIA offers Delinquent Premium Management which refers to the management of following types of premium payments:

 Late Payment

 Short Payment

 Non-Payment of premium

Provision to handle short payment

Provision to define threshold limit (in percentage/amount) for short premium payment is available. It is handled in the following ways:

 If the short premium is greater than defined percentage/amount, notice of cancellation will be generated and sent to the customer. This is applicable to both down payment of premium and payment of subsequent installments

 If the short premium is lesser than the defined percentage/amount, then the short premium amount is billed in the next installment

 If it is the final installment, and the short premium is greater than the defined tolerance limit, then the policy would become liable for cancellation. If it is lower than the defined tolerance limit, then the short premium can be ignored by the authorized user, upon his discretion

Product/Service details

SOLUTION OR SERVICE TYPE
Anti-Money Laundering Suites, Assumed Reinsurance Management Systems, Banking Omnichannel Customer Experience Platforms, Billing and Payments as a Service, Billing Systems - Individual / Group Life / Annuity / Health / Pension Insurance, Billing Systems - P&C / General Insurance, Ceded Reinsurance Management Systems, Claims Management Software - P&C / General Insurance, Claims Management Systems - Life Insurance / Annuities, Customer Onboarding Systems, Digital Payments/ Wallets, Employer / Employee Insurance Benefit Portal, Illustration Systems - Life / Annuity / Pension Insurance, Insurance Agency Management Systems (AMS), Insurance Agent / Broker Platforms, Insurance Agent / Broker Portal, Insurance Comparative Rating Platforms, Insurance Digital Platforms, Insurance Premium Audit Systems, Insurance Stand-alone Rating Systems, Know Your Customer Systems (KYC), Litigation Management Systems, Microinsurance, Mobile Payments, New Business and Underwriting Systems - Life / Annuity Insurance, Policy Administration and Servicing (PAS) Systems - Health / Major Medical, Policy Administration and Servicing (PAS) Systems - Individual / Group Life / Annuity / Pension Closed Block, Policy Administration and Servicing (PAS) Systems - Individual / Group Life / Annuity / Pensions, Policy Administration and Servicing (PAS) Systems - P&C / General Insurance, Social Media Monitoring - Company View, Social Media Monitoring Tools - Customer View, Subrogation Management Systems, Telematics/Usage Based Insurance (UBI), Underwriter Workstations - P&C / General Insurance