Premium Billing 360° (PB360°)
Consolidated Billing for Insurance - Available in the Cloud, as Software as a Service, or In-House
The billing department is an insurance company's most frequent contact point with customers, offering the best opportunity to improve overall intimacy for retention and growth. As more technology choices arise, your customers and agents will continue to expect more billing and payment options and easier ways of doing business with you. Now you can meet their expectations with CSC's Premium Billing 360°, an easily configurable, rules-based billing software solution for P&C carriers as well as life insurance and annuity companies.
Consolidating to a single, standalone system not only allows you to provide your insureds and agents with more choices — including consolidated billing across multiple market segments, lines of business, distribution channels or policy systems — but also improves your efficiency and lowers costs.
The next-generation version of CSC’s Exceed Billing solution, Premium Billing 360° is a highly scalable solution that can be delivered as a service or as an on-premise implementation.
These options enable even the smallest insurers to take advantage of the same robust billing and payment functions that the large companies use.
Whether you are growing through acquisition, seeking new distribution channels or supporting multiple billing systems for multiple lines of business, states or distribution channels, you will better serve your clients and agents with a single, flexible billing solution. Premium Billing 360° provides that flexibility by implementing a component architecture leveraging a well-defined Service API that allows for complete access to all billing capabilities in a headless, stateless solution. Interfaces are built using ACORD XML standards that ease integration between systems. You’ll stay continuously up to date with the latest technology and be able to support new ways of doing business.
Business and Operational Benefits
- Customer and Agent Service: With Premium Billing 360°'s relational database and intelligent user interface, your CSRs and agents can provide better service and faster resolution, while also taking advantage of the opportunity to cross-sell and up-sell. Premium Billing 360° supports both retention and new growth strategies.
- Improved Cash Flow: Premium Billing 360° lets you decide when to bill and when to cancel a policy, eliminating the need and cost of refunds while also providing the capability to protect your equity position.
- Flexibility and Agility: You can gain competitive differentiation by offering unlimited billing and payment options. Premium Billing 360° provides for consolidated payment and invoices across different markets, states, business lines or even across disparate policy administration systems. New billing and payment options can be deployed in weeks, not months.
- Operational Efficiency: Premium Billing 360° allows organizations to use one system for P&C, Life and Health insurance business. Its highly configurable, rules-driven design allows you to roll out new billing and payment options with no IT involvement. Premium Billing 360° also easily integrates to third-party systems, eliminating the need for modifications.
- Future-Proofed Technology: A growing list of leading insurance companies rely on Premium Billing 360° to support millions of customers and on CSC to continually enhance the software. Premium Billing 360° supports all lines of business in all states, all distribution channels, and all payment and billing options. To achieve this, CSC focuses on delivering an architecture designed to drive down operational costs, reduce time to implement new functionality and provide a state-of-the-art consumer experience. CSC’s goal is to provide a solution that can adopt technological improvements and deliver the benefits of them without compromising the rich business capabilities of the solution.
Software as a Service Option
With CSC's cloud-based Software as a Service (SaaS) delivery option, insurers can achieve faster implementation at significantly lower costs. SaaS delivery gives companies of all sizes the ability to quickly access the same robust billing functions used by the industry’s top tier insurance companies. You can be up and running on Premium Billing 360° in as little as 80 days, and costs are more predictable with consumption-based pricing. With this delivery option, you can:
• Cut implementation and operational costs
• Roll out an end-to-end billing solution for P&C, Life and Health insurance companies
• Introduce new billing software and pay plans quickly and inexpensively
• Eliminate technology obsolescence through continuous enhancements
• Accelerate time to entry with no lengthy implementation
• Free IT resources to focus on other initiatives
• Eliminate ongoing maintenance
• Eliminate capital expense
• Tap into software used by the nation’s largest insurance companies to process millions of bills.