www.mphasis.com
INSURANCE Billing as a Service
An end-to-end cloud-based solution that transforms billing and payment processes, enables strategies, reduces costs and creates competitive differentiators. Mphasis provides an end-to-end, on-demand cloud-based solution known as Billing as a Service. Billing as a Service transforms your billing and payment processes into competitive differentiators by enabling best practices that improve customer service and reduce costs.
Billing as a Service
Mphasis realizes that in today’s fast-paced environment and challenging economic conditions, insurance carriers are on the constant lookout for easier and effective solutions to streamline their billing operations, cut costs and focus on their core competencies. Factors such as outdated technology, increasing billing costs, inflexible systems and limitations in customer self-service capabilities, make it tough for these carriers to maintain their status-quo thus making it almost impossible to improve their operational efficiency.
The Solution The Mphasis Billing as a Service solution is an end-to-end billing system for insurance carriers. It comprises of state-of-the-art technology that is leveraged by an operations team with years of insurance domain expertise using industry’s best practices. Billing as a Service delivers comprehensive billing capabilities in a costeffective manner supported by our superior systems, processes and manpower.
Billing as a Service leverages industry best practices in four areas: • Billing and Payments • Customer and Agent Portal • Call Center and Back Office • Mailroom (Print, Fax and Mail)
These 4 modules are integrated by a reliable and scalable cloud-based infrastructure with excellent performance and up-time. The Service Oriented Architecture (SOA) also accelerates the system integration effort.
Payment Processing • Pay by check, ACH or credit card • Update ACH/EFT account information via portal • Complete lockbox processing • One time or recurring credit card payments • Automated reconciliation of insured payments • Receivables management system
Infrastructure, Integration and Application Support Hosted SaaS
Partial BPO
• Automated XML interface to General Ledger
Full BPO
The Billing as a Service solution is modular, allowing a carrier to choose the capabilities that fit their business needs. Billing as a Service can be deployed as Software-as-aService, a partial BPO or a full billing BPO.
• Suspense item investigation services
The Billing as a Service solution supports the entire billing process including invoice creation and delivery, commission processing, payment processing, lapsing/cancellation and billing related customer service. Some of the key functional capabilities include:
Lapsing/Cancellation
Invoice Creation and Delivery
• Configurable letter templates and time frames
• Direct, Agency and Consolidated/ Account Billing
• Payment information available in Agent/Insured portal • Configurable automated write-off process • Role-driven write-off authority • Configurable lapsing process by LOB or Agent • User-driven lapsing threshold • Workflow-driven authorization
• Increased Flexibility Add new products, change pay plans, implement regulatory changes through configuration with the flexibility and adaptability required for connecting to legacy systems • Leverage Modern Technology Choose from e-bill, agency bill, account bill, pay online via credit card, EFT or ACH – all with the simple press of a button • Improve Agent/Customer Service Build a robust portal with real-time processing capabilities and closely monitored service levels, thus improving service and customer satisfaction • Improve Ease of Integration Welcome plug-and-play interfaces, consolidated billing, transactions processed in real-time and much more • SOA Based Integration Helps accelerate the systems integration effort
• Post-cancellation payment intake • Automated XML interface to collections system
• User-defined payment plans • Flexible fee and finance charge structures • Configurable invoice and letter templates • e-Billing • Printed invoices mailed same day guaranteed • Automatic mail pre-sort • Automated bi-directional XML interface to policy systems
Customer Service • Agent/Insured portal functions include: – Current invoice with full details
– Current payment due
– Recent payments received
– Complete billing and payment history
– Invoice reprint requests
– Credit card payment
Agency Commissions
– Line-item reconciliation by Agent
• Agency commission processing
• Full integration with IVR
• Agency commission statement generation and mailing
• Optional call center services (full or partial)
• Generation and mailing of commission payments
Benefits • Reduce costs up to 25% Improve your cash flow with better operational results, higher customer satisfaction and the ability to leverage the latest technology without risk
• Payment by EFT or check • Configurable statement templates • Net-of-commissions payment for Agency Bill
Why Mphasis? • Tailor-Made Solution Customized solutions to address even the most complex billing problems facilitated by on-site analysis of your existing billing operations by our experts • Insurance Industry Expertise Our team of 3,100 dedicated insurance industry experts includes senior executives with up to 30 years of domain experience • Proven Portal Experience Our experience gained from successfully delivering more than 100 portal engagements ensures customer engagement and satisfaction • Client Focused Our clients are offered a level of customer focus and attention that is unparalleled in the market today
About Mphasis Mphasis an HP Company is a USD 1 billion global service provider, delivering technology based solutions across industries, including Banking & Capital Markets, Insurance, Manufacturing, Media & Entertainment, Telecom, Healthcare, Life Sciences, Travel & Transportation, Hospitality, Retail & Consumer Goods, Energy & Utilities, and Governments around the world. Mphasis’ integrated service offerings in Applications, Infrastructure Services, and Business Process Outsourcing help organizations adapt to changing market conditions and derive maximum value from IT investments. Contact us on www.mphasis.com
USA 460 Park Avenue South Suite #1101 New York, NY 10016, USA Tel.: +1 646 424 5145
UK 88 Wood Street London EC2V 7RS, UK Tel.: +44 20 8528 1000
Copyright © Mphasis Corporation. All rights reserved.
INDIA Bagmane World Technology Center Marathahalli Ring Road Doddanakundhi Village Mahadevapura Bangalore 560 048, India Tel.: +91 80 3352 5000 www.mphasis.com
VAS 11/02/15 LETTER BASIL 2822
For more information, contact: carol.dennis@mphasis.com