Insurance billing software helps insurers configure billing plans and invoice clients. Insurance billing products enable users to maintain non-standard payment arrangements and facilitate bill collection and accounts receivable reconciliation. These products also allow agents to create reports in the form of customer bill summaries, which detail policy costs for both business and personal lines of insurance. Some insurance billing products also offer online bill pay support. Insurance billing products can be utilized by insurance agencies of all sizes. These products are typically used by accounting departments at large insurance agencies and by agents at independent insurance agencies. Insurance billing products can streamline the premium billing process, reduce administrative costs and errors, and improve organizational cash flow. Insurance billing products can be implemented either as a standalone solution or as part of an integrated insurance suite.
To qualify for inclusion in the Insurance BIlling software category, a product must: