Financial Lifecycle Management

The effectiveness of premium billing and collection processes impacts insurers’ bottom line results and customer retention rates.  With billing questions generating the highest number of customer inquiries, traditional transaction-oriented billing systems are not designed to address customer-centric requirements. Exigen’s Financial Lifecycle Management provides insurers the flexibility to design billing and payment plans that meet the needs of customers. It also provides a commissions management solution that automates commission management to improve agent relations.

The Exigen Financial Lifecycle Management solution is powered by Exigen Insurance Process Backbone (IPB). The IPB is an open platform that provides a complete set of functions from its own core of services or through seamless services-oriented integration of homegrown or third party billing systems. The Exigen Financial Lifecycle Management covers Billing and Collections, and Commissions business functions and processes.

Exigen Financial Lifecycle Management provides a single view of all account-level and policy-level billing functions and information, which enables customer service staff to resolve billing issues quickly. It also allows for customer-defined billing periods and single account billing for insureds with multiple policies.  Exigen Financial Lifecycle Management puts unprecedented end-to-end process control in the hands of business users. Specific billing rules or commission rules can be created for each product. Users can also design billing plans and processes, such as pre-defined delinquency actions, that minimize uncollected earned premium exposure and write-offs. 

Exigen Financial Lifecycle Management Solutions

• Billing and Collections
• Commissions Management

Key Features

• Support for all billing processes with easy to use "smart forms" for data entry and validation
• Creation of specific billing rules by product
• Definition and calculation of specific commission models for products, producers, etc.
• Support for complete collection processes with interface to external payment systems
• Support for account and policy level billing
• Support for continuous bill plans
• Support for on-line payment acceptance & processing
• Support for lock box operation
• Allocation of premiums to multiple policies
• Rule-based application of billing authority with user defined authority levels for consistent application of refund authority and write-offs
• Unified policy and account views with detailed history of account information, policy information, payments and transactions
• Automatic generation, capture and management of all documents related to a customer into an electronic file folder including images of invoices and other documents
• Prioritized queues with itemized task lists for all applicable current and future activities with detailed measurement, monitoring and escalation of service levels associated with each task and activity
• Customized workspaces that reflect individual profiles of each user (including roles, skill levels, and scope of responsibility and authorization), activities and notes capture and tracking with the ability to hide selected information based on authority levels
• Comprehensive financial, operational and compliance data capture and reports
• Straight-through processing of all customer and billing transactions without any direct user interaction with the underlying systems