Billing

IBSuite Billing simplifies the financial aspects of insurance management through automation and integration, ensuring accuracy and compliance, while enhancing customer satisfaction with flexible payment options. With IBSuite Billing you can streamline and automate all aspects of the billing activities (invoice generation, invoice distribution, sub-ledger control etc.) and handle all aspects of billing and cash management as well as commission handling – configurable and manageable by any user. Manage billing schedules, payment frequencies, installment plans, payment channels, reconciliation rules and specific collection rules directly from IBSuite. Support multiple payment channels, including but not limited to credit card, bank transfers, direct debit etc.

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  • Full flexibility in defining billing properties and processes (installment plans, payment channels, collection intervals etc.)
  • Obtain a uniform overview of billing information on party, customer, policy- and claim level
  • Customizable payment reminders and notifications
  • Always up-to-date and with the full overview of financial transactions that have occurred on a customer record
  • Ensure full automation of payment reconciliation (placement of receivables)
  • Automated invoice generation and distribution

Benefits

Streamlined Payment Processes

Automate billing and invoicing for efficiency. Reduce administrative burdens by automating the entire billing process, from invoice creation and distribution to payment reconciliation.

Flexible Billing Options

Streamline and automate all aspects of the billing activities (invoice generation, invoice distribution, sub-ledger control etc.) and handle all aspects of billing and cash management as well as commission handling.

Enhanced Financial Oversight

Gain real-time insights into financial data to be always up-to-date and with the full overview of financial transactions that have occurred on a customer record. Enhance decision-making with robust financial reporting tools that provide clear insights into revenue streams.

IBSuite: The Ultimate Cloud-Native, End-2-End Insurance Platform

IBSuite is a cloud-native, end-to-end insurance platform ideal for comprehensive insurance core system replacements or innovative greenfield projects. It streamlines core processes such as sales, policy management, claims handling, and billing. With robust automation, an API-first approach, and adaptability to market changes, IBSuite enhances operational efficiency and customer experience through advanced CRM integration and data analytics. This positions IBSuite as a transformative industry force, elevating insurers to new levels of engagement and efficiency.

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Experience a personalized consultation with our insurance technology experts. Let’s delve into your unique challenges, explore opportunities, and strategize how IBSuite can empower your insurance business for growth and success.

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Want to see more of IBSuite capabilities?

Output Management

IBSuite Output Management provides solid out-of-the-box document, SMS, email and other communication management and composition functionality – fully templated. Layouts, look and feel, graphics etc. can be highly customized and easily maintained, often by business users, to meet the needs of the modern digital insurer. Accurate and timely information delivery helps ensuring efficiency, compliance, and customer satisfaction.

Sub-ledger

IBSuite Sub-ledger provides robust financial management capabilities, ensuring accurate and compliant receivables/payables and financial reporting. The IBSuite General Ledger functionality facilitates the synchronization of booking references between IBSuite and the insurers General Ledger system. IBSuite works as a sub-ledger, controls the account and the balance of the individual customers.

Rating

IBSuite Rating enables insurers to manage and apply complex rating algorithms with precision, supporting competitive pricing strategies and risk-appropriate pricing that aligns with business goals. The IBSuite Rating Engine is a best of breed, high-performing and flexible hybrid rating engine. It features the unique combination between the fast and simple definition of table-based rating structures combined with the rule-based approach and the possibility to execute algebra directly in the engine.

Product Configuration

IBSuite Product Configuration provides insurers with tools to create and manage insurance products in an easy and flexible way; allowing quick adaptations to market demands and regulatory changes, ensuring both competitiveness and compliance. IBSuite has a comprehensive and highly flexible product model, that enables users to define, configure and maintain all types of property and casualty (and risk-based life) insurance products. IBSuite enables insurers to configure classical as well as highly innovative products and new hybrid product / service combinations that truly differentiates in the market. Product configuration in IBSuite is agile and enables the business to be self-sufficient in creating new products in hours.

Billing

IBSuite Billing simplifies the financial aspects of insurance management through automation and integration, ensuring accuracy and compliance, while enhancing customer satisfaction with flexible payment options. With IBSuite Billing you can streamline and automate all aspects of the billing activities (invoice generation, invoice distribution, sub-ledger control etc.) and handle all aspects of billing and cash management as well as commission handling – configurable and manageable by any user. Manage billing schedules, payment frequencies, installment plans, payment channels, reconciliation rules and specific collection rules directly from IBSuite. Support multiple payment channels, including but not limited to credit card, bank transfers, direct debit etc.

CRM

IBSuite CRM centralizes all customer data, providing a 360-degree view that enhances customer relationship management. It allows for personalized service and proactive engagement, crucial for customer retention and satisfaction. Customer 360 provides a holistic overview of all customer data, customer communication, documents, cases, quotes, policies, claims, financial statements and insights. Drive the customer relationship process out of IBSuite using the built-in CRM capabilities tailored for insurance and the insurance lifecycle or integrate to external CRM platforms, through one of the many connectors available in IBSuite.

Claims Management

IBSuite Claims Management accelerates claims resolution, enhances customer satisfaction, and reduces the risk of fraud by enabling integration to external tools and real-time data capabilities. IBSuite Claims is a flexible claims management solution with an unparalleled degree of configurability. The claims module has a comprehensive feature set and enables insurers to drive smooth and automated claims processes, end-2-end. IBSuite ensures record-breaking fast and efficient settlement of customer claims and brings automation to a whole new level.

Policy Administration

IBSuite Policy Administration offers a comprehensive solution for managing the entire policy lifecycle, enhancing operational efficiency, and ensuring policy accuracy and compliance. IBSuite Policy Administration allows for insurers, regardless of size, to be responsive to customer needs, keeping the customer in focus and ensuring operational excellence. IBSuite allows for managing the entire lifecycle of a policy in one single platform – regardless of line of business.

Sales and Underwriting

IBSuite Sales and Underwriting streamlines the sales process and enhances decision-making through real-time data and analytic as well as external integrations. It enables insurers to adapt quickly to changing market conditions and maintain compliance with regulatory standards. With IBSuite you get true multi-channel capabilities and customer centric design of new products and channels, supporting direct sales, sub-agencies, affinities and white labels.