The guidewire is a popular and widely used insurance software. The main reason for the popularity of Guidewire is its all-inclusive and integrated approach towards the insurance industry.

Guidewire offers an end-to-end insurance solution through a number of integrated modules in the Guidewire Insurance Suite. These include  Policy Center,  Billing Center, and Guidewire Claim Center. 

Out of these three, the  Billing Center module is of great importance. In this post, we discuss the features and functionalities of the  Billing Center, and how you can benefit by specializing in it. 

What is  Billing Center?

Billing Center is one of the most important modules of the Guidewire Insurance Suite. Its primary purpose is to digitize and automate all the financial transactions taking place in association with an insurance policy. With minimal manual intervention and cutting-edge technology, tracking and managing transactions had never been easier. 

Features and Benefits of Using G Billing Center

 

  • Integrated Invoicing 

 

The best thing about Billing Center is the way it integrates all things money, in one place, on one single platform. All the critical financial data related to an insurance policy can be viewed through one single dashboard. This includes policy value, maturity value, survival benefits, premium amounts, and much more. 

 

  • Tracking Premium Payments

 

Using the Billing Center module, premium payments by customers can be tracked with great ease. For every single customer and every single insurance policy, it is possible to view the premiums that have been paid so far, as well as the upcoming and the pending ones. Further, you can track and send out notifications to the defaulters to ensure policy compliance. This is what is Billing Centre for you! 

 

  • Automatic Annual & Maintenance Deductions

 

Apart from premium payments, the Billing center also allows you to track and automate other charges associated with insurance policy, namely, annual charges, and maintenance deductions if any. No doubt, this feature ensures better compliance and saves a lot of hassle for insurance professionals. 

 

  • Automated Calculations

 

Now, this is where the essence of what lies! The software offers an automated and algorithmic mechanism to calculate the various sums of money involved in an insurance policy. This includes the annual policy premium amounts, the maturity value of a policy, fluctuations due to market risks, and other charges if any. With no manual intervention, there are almost zero chances of an error in the calculations. 

Should You Specialise in Guidewire Billing Center?

Out of all the modules of the Guidewire Insurance software, namely Policy Center, Billing Center, and Guidewire Claimcenter, the billing center module holds unique importance. It won’t be wrong to say that it is the backbone of the entire insurance industry and its processes. 

Therefore, opting for Billing Center training is certainly a wise step to take. With proper training at Billing Center, you can get a major edge in your insurance career, and give it the much-needed boost. 

Resolve to specialize in the Billing center, and see the magic for yourself! We wish you all the very best.