SAP S/4HANA Insurance for Collections and Disbursements

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Advanced Billing Functionality from SAP Fioneer Drives Efficiency, Cost-Effectiveness, and Customer Satisfaction

As an insurer, you know how important your billing process is to the success of your enterprise. Faster billing and payment posting have a direct impact on your cash flow. You know that before you can bring a new insurance product to market, you must be able to bill for it. And you know that being a customer centric business is not just marketing buzz but the key strategy to improving profitability. Fueled by new technology, customer expectations for billing services are quickly outstripping the capabilities of most homegrown and legacy billing systems.

There are additional key business requirements that any insurer’s billing solution must fulfill, such as collecting premiums within the agent or broker channel, providing current account billing, and offering consolidated billing for commercial, group, and individual customers across lines of business. Your solution should expand your business flexibility and options while reducing the complexity of billing operations.

An effective billing process also has integration requirements. Today you need an open billing system that can readily integrate with outside services for credit reporting and fraud detection, as well as with back-office financial systems. And billing must integrate with financial controls and processes necessary for regulatory compliance and risk management – for example, medical billing must meet Health Insurance Portability and Accountability Act (HIPAA) requirements, some financial transactions must comply with U.S. Patriot Act legislation or the Sarbanes-Oxley Act, and there are myriad other regional, national, and international regulations that must be followed.

To prosper and grow, your enterprise needs a billing solution that will rise to this array of challenges. The SAP S/4HANA Insurance for Collections and Disbursements meets your needs on every count.

Enabling a Profitable, Customer-Centered Insurance Enterprise

SAP S/4HANA Insurance for Collections and Disbursements supports billing and payment methods using account-current, direct-bill, agency-bill, statement-bill, list-bill, and broker-statement-bill processes. By simplifying your billing operating, streamlining consolidated billing, and enabling the customer-centric approach that is necessary to retain your most profitable policyholders, agents, and brokers, this comprehensive billing software helps ensure the success of your insurance enterprise. Key business improvements you can expect to see include increased working capital and cash flow, reduced financial risk due to decreasing write-offs and days premium outstanding, and lower collections costs. To provide the greatest benefit to your business, SAP Customer Billing for Insurance can be fully integrated with the entire SAP for Insurance set of solutions. This software portfolio is designed to help you run a customer-focused insurance business effectively and profitably. It combines SAP Fioneer’s world-class industry expertise with the best technology available today, giving you the ability to control end-to-end financial processes. Better-managed financial processes, in turn, help you provide better service to your customers. SAP for Insurance lets you turn administrative tasks into value-added initiatives for you and your customers. You can manage your entire revenue chain, from invoicing, receivables management, and collections through financial reporting. And because SAP for Insurance is powered by the SAP platform, you can easily integrate its solutions across your entire organization, increasing efficiency and lowering total cost of ownership.

Industry-Specific Functions That Are State-of-the-Art

Many of the special financial challenges for insurance companies like yours are focused around customer billing. SAP S/4HANA Insurance for Collections and Disbursements delivers the industry-specific functions you need for receivables and collections management. It brings together customer-facing activities with solid financial functions that comply with legal requirements for the insurance industry. Here is a look at the fundamental financial tools and functions in SAP S/4HANA Insurance for Collections and Disbursements that help you optimize customer billing.

SAP Customer Billing for Insurance offers powerful accounts receivable and collections management functionality – helping to ensure timely revenue and a low rate of outstanding debts. All related business processes across all lines of business, for both direct and broker collections, are mapped in this central subledger accounting system, to give you a central view of all policyholders, brokers, and other business partners. The software provides full control and reconciliation of the subledger and general ledger. You also get support for correspondence, dunning, returned items, installment plans, interest calculation, and deferrals. As an insurer, you need to handle a high volume of master and transaction data. SAP Customer Billing for Insurance makes this possible, using automation whenever possible to minimize manual work. When you use large-scale parallel processing in mass data processing and have efficient processing architecture, the software will perform at many times the level of conventional accounts receivable solutions.

With predefined interfaces to SAP and non-SAP systems, SAP S/4HANA Insurance for Collections and Disbursements integrates easily and fully with applications for general ledger, customer relationship management, and credit management, as well as with the interaction center for financial customer care.

Key Features

  • Covers all types of insurance-specific functions, such as broker collections, coinsurance, insurance-specific clearing and settlement, payment-initiated invoicing, and so on.

  • Receivables management including insurance-specific dunning to optimize outstanding and losses on receivables

  • Highest performance platform with proven functions for insurance typical mass data processing of payments

  • A platform for processing all types of payments for all payment partners, such as policyholders, brokers/agents, reinsurers, and coinsurers - enables cost savings through standardization, centralization, and automation

  • Ensure transparency and compliance, e.g. B. through optimal integration with General Ledger, including audit trail and reconciliation capabilities.

  • Leading, real-world practice for organizations of all sizes, divisions, and regions

Key Benefits

Real Benefits Delivered by Efficient Financial Processes

SAP S/4HANA Insurance for Collections and Disbursements supports end-to-end financial processes, providing efficiencies that result in tangible benefits across the board. For your industry, there is simply no comparable software. Using the integrated financial software, you can do the following:

  • Reduce operating costs
  • Increase liquidity
  • Streamline financial processes including collection, financing, payment, and settlement
  • Comply with legal requirements today and in the future
  • Accelerate your response to the market changes that can drive profitability and create value
  • Empower managers and knowledge workers through state-of-the-art Web-based portals and workplaces
  • Enhance access to accurate, real-time financial and performance information – even across enterprise boundaries and third-party systems
  • Build customer satisfaction by employing professional dispute handling methods

The software benefits your accounts receivable, payments, and collections in the following ways:

  • Can be applied to all lines of business, including both direct and broker collections
  • Uses highly efficient automated processes to cut costs
  • Provides powerful functions for managing the revenue stream and unparalleled flexibility in collecting revenue
  • Offers a central view of all policyholders, brokers, and other business partners
  • Gives a consistent view of customer and account information, enhancing your customer relationship management strategy
  • Enables customer self-service including electronic billing and payment capbilities to help reduce costs and increase customer loyalty
  • Reduces write-offs through better claims tracking

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