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  5. Property Casualty Billing Systems: Latin America Edition

Property Casualty Billing Systems: Latin America Edition

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5 June 2023
Karlyn Carnahan
Fabio Sarrico
Andrew Schwartz

2023 Solutionscape, Powered by VendorMatch

Abstract

The billing function continues to transition from its traditional role as the most “back office” of back office processes to a key component of delivering a great customer experience. Insurers realize the significant role that billing, and especially the quality of service provided during the billing process, plays in financial operations and in building relationships with customers and distributors. In most cases, legacy billing systems will not meet the challenge of higher service expectations from today’s consumers, business customers, and especially distribution partners.

This report provides an overview of the billing systems available in Latin America for property and casualty insurance carriers. It profiles 13 billing solutions, providing an overview of their functionality, customer base, lines of business supported, technology, implementation, pricing, and support. Some vendors also appear in a companion report profiling these systems that are available in North America, Asia Pacific, and Europe/Middle East/Africa.

We asked firms that provide billing systems to enter information about their company and products into Celent’s free digital catalog, VendorMatch (https://www.celent.com/vendormatch). This report presents certain extracts of that information. Additional details about each product are available in VendorMatch, subject to VendorMatch’s terms of use.

The products profiled are: Consis International: Acsel Suite, Decision Research Corporation: DRC Billing, Fadata: INSIS Billing & Collection, Guidewire Software: Guidewire BillingCenter, InMotion: VisualTIME Billing, Majesco: Majesco Billing for P&C, Prosegur: SISnet P&C / General Insurance Billing System, Salesforce.com: Salesforce Insurance Billing, SAP Fioneer: SAP S/4HANA Insurance for Collections and Disbursements, Sapiens: TIA Enterprise, SysOne: SysOne Cloud Ready - Billing, TCS : TCS BaNCS for Property and Casualty Billing Systems, Verisk : Sequel Underwriting - Policy Administration System.

This research should help insurers define their core billing system requirements and can be used as the first step toward creating a short list of vendors for evaluation. Expanded billing functionality and improved technology mean that insurers continue to have a wide spectrum of systems and vendors to consider when they are looking for a solution to fit their needs. Insurers can leverage their access to the author through analyst access calls to learn more about the vendors.

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