Sapiens BillingMaster for P&C (IDITSuite)
Sapiens BillingMaster for Property & Casualty (formerly called Sapiens IDIT Billing) is part of the Sapiens IDITSuite for Property & Casualty and it enables P&C carriers, MGAs and brokers to manage the full lifecycle of premium services, taxes and fees, along with commission billing, collection and disbursements.
P&C carriers can integrate with third-party systems and data repositories, enjoy best-in-class usability and automate processes throughout the billing lifecycle.
Available as standalone or pre-integrated, BillingMaster supports all personal, commercial and specialty insurance products. It ensures that premiums are collected, claims payments are made, and agent commission payments and receipts are managed accurately and swiftly. Workflow and document management are integrated and configurable via a powerful set of product factory wizards that offer full governance of the billing processes.
Following are highlights of BillingMaster:
- Real-time account and payment calculation and scheduling
- Multi-currency accounts and transactions management
- Flexible and configurable payment plans
- Direct, agency, and third-party billing and collections support
- Multiple bill payers support
- Single and Consolidated billing support
- Choice of collection methods
- Flexible and configurable rules for payment allocation (matching), disbursements, and write offs
- Powerful non-payment (dunning) processes based on flexible, pre-defined plans
- Transfer funds between accounts
- Equity Cancellation – a policy cancellation where the cancellation date is calculated as the date to which the payments received are fully earned
- Proven ability to interface with legacy systems
- Infrastructure support for external message creation for clearinghouses and banks (e.g., a bank can send confirmation of payment)
- Full support of SEPA and BACS messages and collection rules (such as pre-notification period)
- The ability to track all billing items at the detail level and to more accurately manage premiums, commissions, taxes, discounts, surcharges, fees and claim payments increases operational efficiency
- Offering an accounting software dashboard with the ability to drill-down to transactions and entries for all billing activities provides a superior user experience
- Full support for flexible and advanced payment plans and the ability to change payment arrangements
- Flexible and configurable dunning/non-payment process can be defined for various contact types