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Sapiens BillingMaster for P&C (IDITSuite)

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Overview

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.

Included with the Sapiens BillingMaster is Sapiens API Layer and API Composition Engine (ACE) – these simplify orchestration and integration. Our Digital API Layer and ACE enable insurer’s teams to configure, manage, publish and test their APIs. ACE is configurable, scalable and built on Kubernetes for added flexibility. It easily integrates to any third-party services or partners in Sapiens PartnerHub (including our payment partners who are PCI compliant, new and emerging technologies such as telematics, IoT and others), or to other third-party providers, legacy systems, backend systems and more. IDITSuite comes pre-integrated with Sapiens DigitalSuite, a dynamic digital engagement and enablement platform, specifically designed for insurers, that provides an omnichannel, unified experience customers and brokers have come to expect.

Created and designed for the insurance market by some of the best digital experts in the industry, Sapiens cloud-ready DigitalSuite is a flexible, component-based platform that provides insurers with the ability to accelerate digital transformation by selecting the components they need to solve for their business transformation goals. The DigitalSuite provides:

 Excellence in customer experience

 Ability to break into new markets with speed

 Harnesses the power of APIs and ecosystems

 Data-driven business processes

 Cloud-native innovation

Sapiens DigitalSuite offers an end-to end, holistic and seamless global, enterprise, digital experience for customers, agents, brokers, and more. The components include out of the box Customer and Agent Portals, Chatbot, Live Chat and an Omnichannel Customer Management tool to reduce call volumes, increase efficiency and accelerate issue resolution. The DigitalSuite features a set of tools for business users to create and manage journeys, removing the need for costly IT.

Key Features

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)

Key Benefits

  • 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

Sapiens philosophy is to help insurers solve for the digital transformation they need to - their way. Offering an integrated digital, component based platform that enables insurers the ability to manage their digital engagement. From business intelligence and analytics to portals, through to Chatbot, LiveChat and Omnichannel Customer Management to delivery of insurance products and services over a variety of channels, insurers are attempting to make their offering to digital-savvy customers unbeatable. Whatever the insurance sector, a fully personalized experience, a 360-degree view of each customer and analysis of big data are at the core of the insurance sector’s journey to digitization. Sapiens facilitates efficient digitalization of the insurance operations, supporting multichannel distribution, digital journeys in integrated portals, and ensuring that agents and customers are able to access real-time, accurate data at any time and from anywhere – including their mobile devices, through chatbot, text message, providing exceptional digital engagements and experiences, while reducing internal customer call volume and increasing customer satisfaction.

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