Infotech Lead India: MphasiS, an HP company, has unveiled its Billing as a Service (BaaS) solution for the insurance industry.
The end-to-end cloud-based solution enables carriers to manage their complex billing requirements efficiently.
The new billing solution, according to MphasiS, is built on MphasiS Wyde’s Wynsure platform.
The insurance industry will benefit as BaaS helps carriers reduce their billing related costs and increase business flexibility, improve customer service and accelerate operational efficiency.
Leveraging MphasiS’ Insurance BPO capabilities delivered from their North America based service center, carriers can reduce time to market of new products, provide e-billing capabilities to customers and help agents and insureds to make payments in real-time.
William S. McCarter, vice president, Insurance Consulting and Strategic Alliances, MphasiS, said: “To reduce billing costs and to meet the rapidly escalating expectations of agents and insureds, carriers must upgrade antiquated systems and get rid of manual and time-consuming processes—with BaaS carriers can easily do that.”
In December 2013, MphasiS decided to acquire Digital Risk, a provider of Risk, Compliance and Transaction Management solutions to the United States mortgage market, for $175 million.