Billing Forms a Critical Part of Insurers’ Service Strategies
Benefits include improved time to market, increased efficiencies, and better customer experience: Novarica profiles 17 vendor solutions
Boston, MA (Oct. 15, 2019) – Modern property and casualty billing solutions are maturing, giving carriers better options than ever before for a billing system modernization. As customers have grown to expect ease of use and self-service, billing platform providers have put considerable effort into improving the end-to-end billing process. In its latest Novarica Market Navigator, Property/Casualty Billing Systems, research and advisory firm Novarica provides an overview of the available stand-alone billing systems for US property/casualty insurers, as well as detailed profiles of 17 vendor solutions.
“At least half of insurers now consider billing to be a customer service issue, rather than a purely financial issue,” said Martina Conlon, Executive Vice President of Research and Consulting and co-author of the report. “The customer service bar has been raised by the retail market through companies like Amazon, by banks such as Bank of America, and by insurance carriers like Progressive and GEICO. Online self-service is now a baseline expectation of a competent provider, and expectations for mobile self-service continue to increase, making billing a critical component of digital transformation.”
A preview of the report is available online.
Summary
This report provides an overview of the available stand-alone billing systems for US property/casualty insurers. The report contains profiles of each of 17 vendor solutions, summarizing the vendor organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements, and key functionality.
Vendors profiled include: Axiom, Billing Management Services, Decision Research Corporation, Duck Creek Technologies, DXC Technology, EIS Group, Guidewire, Input 1, Insuresoft, Insurity, Majesco, OneShield, Policy Administration Solutions, SAP, Sapiens, SpeedBuilder Systems, and West Point Insurance Services.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: Amazon, billing, Duck Creek, EIS Group, Guidewire, Majesco, Novarica, OneShield, payment, Progressive Insurance, SAP, United States (USA) Read the original article at Insurance-Canada.ca