(Downtown Hartford, Conn., home of Insurity. Photo credit: Sage Ross.)
Insurity (Hartford), a core systems and data solutions provider, has made available Entity Billing functionality for its Billings Decision software for P&C insurers.
Entity Billing generates individual installment schedules for each entity (or organization) covered within a policy, whereas most other billing methods generate the installment schedule at the policy level for the total premium, according to the vendor. It also provides for a payment plan selection by Entity within a policy. Insurity asserts that Entity Billing is beneficial for all carriers and specifically for those supporting pool business or other organizational hierarchies, e.g. church diocese, medical (e.g. by institution, department, physician group and individual physician) or municipalities.
The new Entity Billing functionality will be extended to all current Insurity Billing Decisions customers, the vendor reports. Entity Billing combines with the five other billing methods already supported within the application, including:
Direct Bill – Invoice per policy
Agent Bill – Monthly statement for multiple policies and insureds by Agent
Account Bill – Invoice per account for multiple policies
Payroll Deduction – Statement to employer based on payroll frequency
Deductible Recovery – Invoice per account for recovery of certain claim payments not made net of deductible
“Many carriers need the ability to manage risk purchasing at various levels within a policy and traditionally do so through either significant customization or manual processes outside their systems, comments Jim Hatch, VP, product engineering, Insurity. “Insurity’s Entity Billing, also referred to as Split Billing Support, is ideal for those insurance companies needing risk retention billing capabilities or where the carrier’s clients need flexibility in supporting internal billing of multiple groups within their organization.”
Entity Billing inherits Billing Decisions standard automatic workflows, e.g. correspondence, billing fees, refund and commission disbursements, and much more, according to Insurity. The vendor describes Billing Decisions as a stand-alone solution as well as fully integrated part of Insurity’s Insurance Decisions Suite of core processing applications together with Policy Decisions, Claims Decisions, and Reinsurance.