Insurance Billing and Collection module is a table-driven system that integrates with the other modules of the system. The function of the module is to generate bills, receive payments, credit/debit the appropriate accounts, make deposits, and create transactions that are transferred to an external General Ledger accounting system.
Premiums determined in the policy administration module can be billed directly to the insured or through the agent's current account. Collection methods include checks as well as credit cards and electronic fund transfer (EFT). Premium collection is offered in an unlimited variety of payment plans and options, methods of payments (checks and EFT) as well as number of installments, installment frequencies, and proportional spread.
The billing and collection cycle is fully automated from printing invoices, to account maintenance, to exception letters, refunds, etc.
As with other TIS modules, Insurance Billing and Collection Management communicates with other system modules and has access to all necessary policy and claim information. The other modules can also query customer collection status before processing claims, new insurance policies, or any other interactions between the carrier/MGA and the customer.