MphasiS Launches BaaS, a Comprehensive Billing Solution for the Insurance
Cloud-Based, Hosted Solution Enables Carriers to Reduce Billing Costs, Improve
Customer Service and Accelerate Operational Efficiency
NEW YORK -- May 06, 2013
MphasiS, a leading IT services provider, today launched its Billing as a
Service (BaaS) (http://www.youtube.com/watch?v=zSPSX1RvvLw) solution for the
insurance industry. An end-to-end cloud-based solution, BaaS enables carriers
to manage their complex billing requirements efficiently.
Built on MphasiS Wyde’s Wynsure platform and delivered through the cloud, BaaS
helps carriers reduce their billing related costs while at the same time
increase business flexibility, improve customer service and accelerate
operational efficiency. Additionally, the solution leverages MphasiS’ proven
Insurance BPO capabilities delivered from their North America based service
center, enabling carriers to significantly reduce time to market of new
products, provide e-billing capabilities to customers and help agents and
insureds to make payments in real-time.
Most carriers rely on legacy billing systems as modernizing billing operations
is not a priority when replacing their core systems. However, consumer
behavior is changing rapidly, leading to an increased demand for modern
billing capabilities including e-billing, automated payment processing and
real-time redressal. With BaaS, carriers have a solution whose unique design
makes it easy and quick to deploy, yet is cost-effective.
“The vast majority of carriers today view billing as a commodity process and
do not make any investments to modernize their billing operations,” said
William S. McCarter, Vice President, Insurance Consulting and Strategic
Alliances, MphasiS. “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.”
Product attributes and features that make BaaS ideally suited to modernize
billing operations include:
*Significantly reduce the time to market for new products by implementing
pay plan and cancellation process changes through configuration.
*Anytime, anywhere billing using MphasiS’ e-billing, account billing and
electronic payment processing capabilities.
*Empowering agents and insured by leveraging MphasiS’ robust portal with
MphasiS is a $1 billion global service provider, delivering technology based
solutions to clients across the world. MphasiS services clients in Banking &
Capital Markets, Insurance, Manufacturing, Communications, Media &
Entertainment, Healthcare & Life Sciences, Transportation & Logistics, Retail
& Consumer Packaged Goods, Energy & Utilities, and Governments around the
world. Our competency lies in our ability to offer integrated service
offerings in Applications, Infrastructure Services, and Business Process
Outsourcing. To know more about MphasiS, log on to www.mphasis.com.
All rights reserved -© Copyright 2013 MphasiS Limited
Shweta Agarwal or Kendra Dorr, 781-684-0770
Senior Marketing Manager, Insurance
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