MphasiS has introduced a cloud-based, hosted billing solution to help insurance carriers to efficiently manage their complex billing requirements.
Dubbed Billing as a Service (BaaS), the end-to-end solution will enable carriers to lower billing costs, enhance customer service and also accelerate operational efficiency.
Built on MphasiS Wyde's Wynsure platform, the solution also uses the company's proven Insurance BPO capabilities that are delivered from its North America based service center, allowing carriers to significantly reduce time required for marketing of new products.
BaaS will also help carriers in delivery of e-billing capabilities to customers, besides supporting agents and insureds to make payments in real-time.
MphasiS Insurance Consulting and Strategic Alliances vice president William McCarter said majority of carriers view billing as a commodity process and hence do not make any investments to modernize their billing operations.
''To reduce billing costs and to meet the rapidly escalating expectations of agents and insureds, carriers must upgrade antiquated systems and get rid of manual and time-consuming processes---with BaaS carriers can easily do that,'' McCarter added.
The solution also allows for anytime, anywhere billing using MphasiS' e-billing, account billing and electronic payment processing capabilities.
