Savings With Billing-as-a-Service


Billing-as-a-Service solutions allow carriers to achieve cost savings and deliver much-needed billing capabilities with a limited investment.


“If you look at some of the new models like the Billing-as-a-Service solution that we’re offering, you can cut your implementation time to more than half and your capital investment will be a small fraction of what you would have to spend to do a traditional implementation.”


Ann Weaver, MphasiS


Legacy systems are inhibiting the development of new products and billing services, but retooling them requires a large investment of time and capital. With billing as a service, insurers can avoid the need for a long implementation cycle, limit the required investment and achieve fairly quick results.


By automating processes for exception handling and similar tasks handled manually, insurers can see 50% to 70% reductions. It’s harder to predict savings from the efficiencies customer service representatives will experience with fast access to updated account and billing information.


An analysis of data from research by Novarica indicated that Billing-as-a-Service solution would product about 20% net savings in costs.


Copyright © 2012 by A.M. Best Company, Inc. All rights reserved. No part of this report may be reproduced, stored in a retrieval system or transmitted in any form or by any means; electronic, mechanical, photocopying, recording or otherwise.


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