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Insurance Billing Software

An enterprise web-based Billing and Collection and Agency Commission application for General Insurance & Non Life P&C carriers and MGAs / brokers supporting all personal, commercial and specialty insurance products.


     

    IDIT Billing & Collection manages the full life cycle of premium, services, taxes and fees and commission billing, collection and disbursements. Premiums are collected, claims payments are made, agent commission payments and receipts are managed. Agent commissions cash-flows are reconcilable and managed.

    Workflow and document management are integrated and are configurable via a powerful set of product factory wizards governing the billing processes. IDIT Billing provides timely, accurate and cost efficient management of financial accounting for all participants in the insurance channels, including direct customers, carriers, agents/brokers and service providers. IDIT Billing is available either as a stand-alone or fully integrated module with IDIT Policy Administration Software suite.


    Key Components and Benefits

     

    • Direct and Agency Billing
      Support for all billing plans and types: direct, agent, account, group, list, 3rd party in a variety of installments and means.
    • Centric Dashboard - Account Management Workbench
      Provides account centric views for agents and customers reelecting their entire portfolio activity and debt with the ability to drill down to required detail for all billing activities.
    • Flexible Payment Plans
      Full support for preset and custom installment plans, as well as the ability to change payment arrangements as required.
    • Premium, Commissions, Claims Payment
      Track all billing items at the detail level to accurately manage premiums, commissions, taxes, discounts, surcharges, fees as well as claim payments for all interested parties down to the coverage level.
    • Receipt Processing
      Manual and automated individual and batch cash and EFT receipt processing with automated allocation and suspense / unallocated management.
    • Agency payments reconciliation net or gross of commission.
    • Receivable Management
      Income control and alerts for delinquent payers.

    IDIT Insurance Billing Software Overview

    Learn more on Sapiens IDIT Billing & Collection features


    Related solutions:
    Claims Management Software
    Policy Administration Systems


    More about Sapiens solutions for insurance software 


    Main Features

    Automated & Efficient Processing 


    • Direct and Agency and Account billing and collections for personal, commercial and specialty insurance products
    • Premiums, services, taxes and fees breakdown to coverage, risk and policy levels
    • Dynamic installment collection fees by payment plan
    • Flexible AP/RP endorsement premium spreading
    • Short / over payment management
    • Write off / threshold processing
    • Comprehensive payment methods with rejection management (CC, DD, EFT, Lock Box, Check, ACH)
    • Funds matching and reconciliation
    • Unallocated / suspense account management 
    • Customer / Producer / Agent centric dashboard
    • Timely invoicing and statement production
    • Timely and effective collection with flexible escalation
    • Cash receipts system
    • Account level AR/AP capabilities

    Learn more on Sapiens IDIT Billing & Collection features


    Main Features

    Insurance Administration System - Proposals and Policies:


    • Multiple lines of business packaged in one policy
    • Multiple insured objects and assets
    • Multiple dynamic questionnaires
    • Comprehensive data validation
    • Individualized real time premium calculations
    • Differential rating based on multiple parameters
    • Clause and form management
    • Comparative quoting – multiple proposals for a single client
    • Interactive, online payment schedule
    • Automatic issuance of documents
    • Online policy approval for immediate coverage
    • Automatic and Manual underwriting and pricing
    • Fully integrated with CRM, document production, workflow & business intelligence systems
    • Insurance product promotions functionality
    • Shopping cart display of policy components


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