Majesco Billing for L&A and Group
The shift in billing from a financial transaction to a customer-centric engagement opportunity can be viewed in light of the steady rise in the “Age of the Customer” culture. Leading insurers recognize that billing is critical to creating an ideal customer experience, whether for individual, group or voluntary benefits. It is a strategic opportunity to drive home customer engagement, loyalty, and retention. A modern billing platform can foster increased customer engagement, satisfaction and renewal rates, improve cash flow and establish the insurer as the go-to source for convenience and trust.
And as innovative insurers develop new offerings to meet evolving customer needs and expectations, they need to be 100% confident their insurance billing platform has the capability to fully accommodate them.
Majesco’s insurance billing platform supports all products and billing types for L&A individual, group, voluntary benefits and worksite lines of business on a single platform.
That is the power of Majesco Billing for L&A and Group.
Majesco Billing for L&A and Group Capabilities
Flexible billing for all bill types
N-tier hierarchy and invoice generation for any level
Self accounting and List Bill for the same group
Rules-driven allocation rules
Write-offs, tolerance & adjustments
Graphical payroll deduction calendars
Electronic bill presentment and payment
Portal and mobile access
“For the most part, carriers are not there just yet,” notes Celent’s Fitzgerald. “Older systems can’t accommodate things like Apple Pay, and once you do facilitate it, tomorrow it will be something else. Whatever billing solution is extended to the customer needs to work effectively in an API world, which is a real requirement, and insurers are still working on facilitating integration with other apps.”
“The billing and collection function has become a core value proposition—true differentiators in the customer-centric landscape of employee benefits,” notes Risk. “This is especially true in the competitive employee benefits small market. The insurer that can offer the ability to bill and collect premiums in multiple ways–providing services that are transparent and easy to use–will become a leader.”
Majesco Policy for L&A and Group
A powerful policy management platform for startups or existing insurers to innovate, create and manage the products and content needed to respond to shifting customer demands and market opportunities.