Oracle introduces Revenue Management and Billing for Insurance

10 June 2009

Oracle Insurance has introduced revenue management and billing for insurance, providing insurers the robust billing capabilities necessary to deliver streamlined, convenient billing, payment and collections processes, and improve service to customers and distribution channels.

The new solution enables insurers to meet the market demand for multi-channel strategies and increased cross-selling abilities by providing comprehensive and consolidated billing management capabilities.

Says, Chuck Johnston, vice president, Strategy and Alliances, Oracle Insurance Global Business Unit, ''Oracle Revenue Management and Billing for Insurance delivers a robust and flexible solution that helps insurers to expand and optimize use of distribution channels while supporting diverse lines of business on a single, cost-effective billing platform. As important, the solution supports delivery of universal, best-in-class services that today's customers demand.''

The solution also helps insurers to improve enterprise revenue management, while efficiently supporting diverse lines of business on a single platform to reduce cost of ownership. Built on an open, standards-based architecture, it minimizes the manual back-office activities required to process bill inquiries and bill adjustments.

It also easily integrates with existing policy administration, financial accounting and payment solutions to streamline business processes while incurring minimal costs.

The solution enables consolidated billing, providing a complete view of customer billing interactions to enable easy cross-policy adjustments that drive better customer satisfaction and retention. Comprehensive Account Current and Group Bill Processing capabilities enable strong support for distribution channels and easy reconciliation for group bills, allowing faster cash realization and lower write-offs.