Guidewire Software (San Mateo, Calif.) has announced the availability of Guidewire BillingCenter 3.0. The product, which the vendor describes as a comprehensive billing system for all lines of P&C insurance, is currently in production or in implementation at 22 insurers globally.
Features of the new version of BillingCenter, according to the vendor, include flexible billing options, including direct, agency, account current, group, life, mortgagee and collection agency in a single platform for all P&C lines; policy-level to account-level bill transitioning for improved customer service and reduced operating costs; and improved producer satisfaction, with detailed commission and multi-agency bill statements.
The vendor also highlights charge groups for more control over the management of individual charges on a policy, ad hoc credits which allow the easy posting of a credit to an insured or other party's account, and multi-payer/multi-location billing offers increased flexibility to insureds looking to divide premium due on their account across multiple payers.
Guidewire describes its approach to the billing product as shifting from a traditional view of billing as a back-office function to a "front and center" concept that offers increased flexibility to customers.
"BillingCenter 3.0 provides business value through improved customer retention, enhanced policyholder and producer relationships, and reduced operational costs," comments Marcus Ryu, vice president, strategy and products, Guidewire Software. "In BillingCenter 3.0, insurers have a single system with which they can truly run their billing operations the way they envision. We continue to be very pleased with the industry's adoption of BillingCenter."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio