Latest Version Delivers Automated Group/List Bill
Capabilities for All Lines of Business and Enhanced
Collections Functionality
Redwood Shores, Calif. - Jan. 9, 2012
News Facts
2.2.4, the latest version of Oracle's modern, rules-based
system that enables insurers to manage billing, payments and
collections using a single solution.
With the newest version of Oracle Insurance Revenue
Management and Billing, insurers can automate group and list
bill reconciliation - traditionally a labor-intensive, manual
process - enabling them to cut processing costs, improve
productivity and reduce revenue leakage through improved
reconciliation accuracy.
The new release supports group and list bill capabilities for
all lines of business, including life, property and casualty
(P&C) and health. Insurers can prepare consolidated invoices
- covering multiple policies and lines of business - that are
more convenient for customers and provide greater detail,
helping to drive improved customer satisfaction.
New collections functionality enables insurers to effectively
manage collections rules and processes. The solution enables
users to search a case by account number or attributes,
providing a central point for determining the most
appropriate collections strategy and then managing a case
throughout its entire lifecycle, from creation and assignment
through close.
Oracle Insurance Revenue Management and Billing is now
integrated with , enabling insurers to quickly implement an
end-to-end, automated workflow for producing personalized,
consolidated bills and correspondence, to improve customer
communications. This integration helps insurers minimize
integration cost and risk by quickly adapting pre-built
content to fit specific business needs - leading to
successful deployments and ultimately helping insurers to
improve customer service and reduce costs.
Supporting Quotes
"Modern, flexible, insurance billing systems are critical to
meeting customer service and communications objectives," said
Mike Fitzgerald, senior analyst at Celent. "The billing
function is transforming from a back office operation to a
front office value proposition. Carriers are making
significant investments in skills and technology to position
billing as a critical customer service activity and an
opportunity to retain clients."
"The insurance industry has evolved into an environment where
multi-product, multi-channel strategies are critical to
market success. With the introduction of complex distribution
relationships, group product bundles and an ever-increasing
focus on cross-selling, insurers need billing systems to
support the vision of flexible products, universal customer
service and accurate consolidated billing. Oracle Insurance
Revenue Management and Billing is an adaptive, flexible
solution that helps insurers meet those challenges now and
into the future," said Srini Venkatasanthanam, vice
president, product strategy, Oracle Insurance.
Supporting Resources
About Oracle
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the cloud and in your data center. For more information about
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Contact Info
Katie Barron
Oracle
+1.703.364.2488
katie.barron@oracle.com
Mary Tobin
O'Keeffe & Company
+1.503.658.7396
mtobin@okco.com
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