Billing Solution - P&C/General Insurance
OWIT's Billing Solution, comprised of autonomous insurance-specific microservices, is designed to support the insurance industry's need for a comprehensive and configurable system to support unique billing needs. A no-code, cloud-based, drag-and-drop, date-driven, and rules-based solution, the OWIT Billing Solution can integrate with an insurer's existing system as a complete solution includes an optional User Interface, Document Generation microservice, and a reporting microservice. The solution can also be leveraged as a "headless solution," without the User Interface if required. The BillingSolution's Editor is an administration tool used to define the rules for billing plans, installment plans, delinquency management, account reconciliation, and commission management. The administration tool supports security profiles, including insureds, agents, mortgagees, payers, internal users, supervisors, and administrators. The Billing Solution supports Brokers, Carriers, Coverholders, MGAs, MGUs, and Reinsurers.
Drag-and drop, date-driven, rules-based toolset that enables business users to easily configure rules for billing plans, payment plans, delinquency management plans, and commission plans.
• Support for an array of billing types - Direct, Customer Account, Agency, List Billing, etc.
• Installment plan options based on bill type, issuing companies, state, lines of business, products, producer, premium threshold, etc.
• 24/7 Self-service capabilities which supports customer branded portals and mobile access.
• Support for digital billing and payments.
• Supports the ability for customers to their payment due date.
• Delinquency management including text and email payment reminders.
• Multi-currency support.
• Integration with payment gateways.
Easily integrates with existing policy administration systems, accounting and payment systems
• Enables digital interactions with distribution channels via any portal or device
• The technology supports for critical capabilities like Authentication, Authorizations, Encryption, Transport
Level security, Certificates for Identity and Trust Management.
• A TRUE microservices architecture can be reused for additional projects, solving more than just the specific
driver/pain point for an initial implementation.