Employee Benefits Billing System Spectrum

by Colleen Risk, March 8, 2016
Product Trends/ Reviews
North America

Abstract

Billing and collection systems have become differentiators in the customer-centric landscape of employee benefits. The report looks at seven vendors that are providing stand-alone, multi-carrier billing and collection systems.

In the new report Employee Benefits Billing System Spectrum, Celent profiles seven providers of stand-alone, multi-carrier billing and collection systems.  Each vendor responded to a request for information and provided a demonstration and briefing of their billing solution.

Multi-carrier support is a key factor because insurers providing employee benefits desire the ability to partner with other insurers to provide a full range of products, thus reducing the need for the employer to have contracts with multiple insurers.

For purposes of this report, a billing and collection system prepares, distributes, and administers the payment and collection of premium for employer-paid and voluntary employee benefits insurance products. The system must be able to work as an individual component that can be integrated with other systems such as an enterprise data store, policy administration, accounting, and reporting systems.  

“Billing solutions are gaining momentum in the market. The right billing and collection system provides a positive impact on the customer experience, agent satisfaction, and the overall impression of the insurer,” says Colleen Risk, a senior analyst with Celent’s Insurance practice and author of the report. “The insurer who can offer the ability to bill and collect premiums in multiple ways, providing services that are transparent and easy to use, will become a leader.”

This 56-page report contains 28 tables and 7 figures. 

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

Key Features of an Employee Benefits Billing and Collection System

4

Vendor Profiles

8

Computer Sciences Corporation: PB360

9

Certifi Inc.: William

15

Ebix Inc: Ebix Enterprise Admin

20

FINEOS Corporation: FINEOS Billing

25

hCentive, Inc.: WebInsure Billing

31

Majesco: Majesco Billing

37

Vitech Systems Group, Inc.: The V3 System

43

Final Thoughts

49

Leveraging Celent’s Expertise

50

 

Support for Financial Institutions

50

 

Support for Vendors

50

Related Celent Research

51

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