MphasiS Launches BaaS, a Comprehensive Billing Solution for the Insurance Industry
Cloud-Based, Hosted Solution Enables Carriers to Reduce Billing Costs, Improve Customer Service and Accelerate Operational Efficiency.
- (1888PressRelease) May 29, 2015 - MphasiS, a leading IT services provider, today launched its Billing as a Service (BaaS) solution for the insurance industry. An end-to-end cloud- based solution, BaaS enables carriers to manage their complex billing requirements efficiently.
Built on MphasiS Wyde's Wynsure platform and delivered through the cloud, BaaS helps carriers reduce their billing related costs while at the same time increase business flexibility, improve customer service and accelerate operational efficiency. Additionally, the solution leverages MphasiS' proven Insurance BPO capabilities delivered from their North America based service centre, enabling carriers to significantly reduce time to market of new products, provide e-billing capabilities to customers and help agents and insured to make payments in real-time.
Most carriers rely on legacy billing systems as modernizing billing operations is not a priority when replacing their core systems. However, consumer behavior is changing rapidly, leading to an increased demand for modern billing capabilities including e-billing, automated payment processing and real-time redressal. With BaaS, carriers have a solution whose unique design makes it easy and quick to deploy, yet is cost-effective.
"The vast majority of carriers today view billing as a commodity process and do not make any investments to modernize their billing operations," said William S. McCarter, vice president, Insurance Consulting and Strategic Alliances, MphasiS. "To reduce billing costs and to meet the rapidly escalating expectations of agents and insured, carriers must upgrade antiquated systems and get rid of manual and time-consuming processes---with BaaS carriers can easily do that."
Product attributes and features that make BaaS ideally suited to modernize billing operations include:
- Significantly reduce the time to market for new products by implementing pay plan and cancellation process changes through configuration.
- Anytime, anywhere billing using MphasiS' e-billing, account billing and electronic payment processing capabilities.
- Empowering agents and insured by leveraging MphasiS' robust portal with real- time processing.
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