Oracle has introduced its new Insurance Revenue Management and Billing 2.2.3, the latest version of its modern, rules-based system for billing, payment and collections management.
According to the Oracle, the latest release features functionality that helps insurers to reduce costs by consolidating billing infrastructure, expand insight into the billing process, increase revenue opportunities, and improve customer service and sales channel support.
The new solution which enables billing, payments and collections management via a single solution is now integrated with Oracle Business Intelligence Publisher.
Oracle said the integration helps insurers generate report templates in real time, providing expanded insight into customer billing and cash flow, thus improving revenue management.
The cashiering capabilities of the solution will enable insurers to apply multiple payment types to a single invoice, as well as apply a single payment across several invoices for greater customer convenience. These capabilities also enable insurers to change the currency in which an account is invoiced.
It features a calculation engine that accepts data from multiple policy administration systems to create a consolidated bill.
Oracle said with the newest version, insurers can benefit from expanded rules-based automation capabilities for credit and collections management.