Oracle released the latest version of Oracle Insurance Revenue Management and Billing 2.2.4, a rules-based system that enables insurers to manage billing, payments and collections using a single solution. This updated version enables insurers to automate group and list bill reconciliation to help cut processing costs, improve productivity, and reduce revenue leakage with improved reconciliation accuracy.
Oracle says the new release supports group and list bill capabilities for all lines of business, including life, P&C and health. Insurers can prepare consolidated invoices – covering multiple policies and lines of business – that are convenient for customers and provide great detail, helping improve customer satisfaction.
New collections functionality enables insurers to effectively manage the rules and processes of collections, Oracle says. 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 to close.
Oracle says Insurance Revenue Management and Billing is integrated with Oracle Documaker, enabling insurers to implement an end-to-end, automated workflow for producing personalized, consolidated bills and correspondence. This integration helps insurers minimize integration costs and risk by quickly adapting pre-built content to fit specific business needs.
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