There is a dire need for the insurance industry to reduce the usage of paper in the operational process. An insurance company can easily do this, by using an online invoicing solution. An online solution helps in managing the invoicing process easily and getting paid on time.
Here are some key basics of online invoicing for insurance companies:
An insurance premium becomes due on a periodic basis and the invoice needs to be sent every time. This becomes a huge challenge for insurance companies who have to deploy the requisite resources for sending out these, in a timely manner. Recurring invoicing and auto-billing ensures that the premium invoices reach the client inbox, automatically.
Invoice Branding and Templates
An insurance company usually has a large number of customers. Sending out professional invoices. It is important to send out professional invoices with company branding to insurance customers. This is important to build a good relationship with customers and retain them for a longer period of time.
Efficient Management Of Invoices
An insurance company must manage a large number of invoices, effectively and efficiently. This makes the process faster and makes it easier for management of customers. An invoicing solution helps businesses to delegate the invoicing and payment responsibility to dedicated staff. This helps in decentralizing the invoicing process without losing the much needed control.
Sending Out Estimates
Sending out proper quotations to new customers in an important aspect of the insurance business. Using an online invoicing solution helps in sending out quotations in a timely manner. These can be duly approved by the customer before sending out an invoice.
A large number of invoices, means it is very difficult to track past invoices manually. An online invoicing software provides the requisite tools. One can simply use an invoice dashboard to track the status of each and every invoice. It is easy to know whether an invoice is unpaid or due or pending. A single dashboard to track all the invoices, helps in managing the process very efficiently.
Simplifying the process of paying a premium is very important for retaining insurance company customers. Online payments can be made at the click of a button and help in timely payment of premium. Using and online invoicing solution that provides this facility must be chosen for invoicing purpose.
Big Data Analytics
Understanding consumer behaviour and what actions they are taking is very important aspect of an insurance business. Big data can be gathered from various sources and one such solution is an online invoicing software. Using data of past invoice reports helps in doing a sales analysis of the business and taking necessary action.
Integrating With CRM
One of the core functions of an insurance business is customer relationship management. Integrating the CRM function with the invoicing system helps in improving the efficiency of processes manifold. The same processes can be managed with lesser resources and lesser man hours.
Compliance and Customized Invoicing
Since Insurance is an industry where regulation has got a big role to play, then complying with the rules laid down by regulatory authorities, is very important. A customized billing solution, ensures that the insurance company can customize the invoice according to business and regulatory requirements.
Reports and Tax Management
Managing taxation and timely payment of taxes, is essential for an insurance business. An online invoicing tool helps in managing taxation with ease. Detailed reports of taxes, invoices, outstanding and invoice ageing helps in easy management of company finances.
Late Fee and Automatic Payment Reminders
Adding a late fee to invoices is important for insurance company invoicing. This ensures that customers are paying the premium in a timely manner. Automatic payment reminders are also helpful in creating a sense of urgency of paying the premium. A cloud invoicing solution helps in using these features to get paid on time.
An insurance company looking to manage its finances and invoicing on the cloud must choose an online invoicing software like Invoicera. The tools provides a host of interesting features like Recurring and auto-billing, online payments, late fee and automatic payment reminders.