The Specialty System

Insurance Billing

The Insurance Billing System (IBS) processes and tracks all policy receivables and payables. IBS supports a wide variety of billing plans and calculates and tracks commissions according to tables defined by business users. All current and historical billing and payment information is available online.

The key features of IBS include:

• Direct bill (single policy and account) and agent bill (full pay and installment)
• Online invoice inquiry and reprint capabilities
• Automated underpayment processing
• Equity and due-date cancellation processing
• Postmark-date logic on cash received
• Refund check issuance and reconciliation
• Automatic billing fee assignment (e.g. installment, interim, NSF)

Direct bill features include:

• Insured or third party billing
• Invoices (interim, scheduled, lapsed) and reprint options
• Control invoice generation for prior amount due or cancel status
• NSF processing options for new business down payment, renewal down payment, mid term installation payment
• Accept payment after policy lapse without reinstatement

Agency billing features include:

• Balance forward agent statements
• Agent bill unallocated process to handle partially paid statements
• Preliminary statements (agent and direct) available for multiple runs during open month

IBS is one of the standard options included in your Specialty System installation. Other standard options include Policy Administration, Claims Management, Statistical Reporting, Executive Intelligence, and our Casualty Information System. You can also enhance the Specialty System with optional components for Data Joining, Business Rules, and web-based integration with Tech21.

Are you ready to learn about the Specialty System in more detail? Contact us today to talk with a sales representative or set up a one-on-one web presentation tailored to your business needs. Looking for a more general overview? Check our schedule for upcoming public webinars.