Online Invoicing For Insurance Companies

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Online Invoicing For Insurance Companies
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Contents

1. Introduction
2. Recurring Invoicing
3. Invoice Branding and Templates
4. Efficient Management Of Invoices
5. Sending Out Estimates
6. Invoice Tracking
7. Compliance and Customized Invoicing
8. Reports and Tax Management
9. Late Fee and Automatic Payment Reminders

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Introduction

• There is a dire need for the insurance industry
  to reduce the usage of paper in the operational
  process. An insurance company can easily do this,
  by using an online invoicing solution.
• An online solution helps in managing the
  invoicing process easily and getting paid on
  time.

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Recurring Invoicing

• An insurance premium becomes due on a periodic
  basis and the invoice needs to be sent every
  time. This becomes a huge challenge for insurance
  companies who have to deploy the requisite
  resources for sending out these, in a timely
  manner.
• Recurring invoicing and auto-billing ensures that
  the premium invoices reach the client inbox,
  automatically.

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Invoice Branding and Templates

• An insurance company usually has a large number
  of customers. Sending out professional invoices.
  It is important to send out professional invoices
  with company branding to insurance customers.
• This is important to build a good relationship
  with customers and retain them for a longer
  period of time.

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Efficient Management of Invoices

• An insurance company must manage a large number
  of invoices, effectively and efficiently. This
  makes the process faster and makes it easier for
  management of customers.
• An invoicing solution helps businesses in
  delegating the invoicing and payment
  responsibility to dedicated staff. This helps in
  decentralizing the invoicing process without
  losing much needed control.

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Sending Out Estimates

• Sending out proper quotations to new customers in
  an important aspect of the insurance business.
  Using an online invoicing solution helps in
  sending out quotations in a timely manner.
• These can be duly approved by the customer before
  sending out an invoice.

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Invoice Tracking

• A large number of invoices, means it is very
  difficult to track past invoices manually. An
  online invoicing software provides the requisite
  tools. One can simply use an invoice dashboard to
  track the status of each and every invoice.
• It is easy to know whether an invoice is unpaid
  or due or pending. A single dashboard to track
  all the invoices, helps in managing the process
  very efficiently.

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Big Analytics

• Understanding consumer behaviour what actions
  they are taking is very important aspect of an
  insurance business. Big data can be gathered from
  various sources and one such solution is an
  online invoicing software.
• Using data of past invoice reports helps in doing
  a sales analysis of the business and taking
  necessary action.

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Integrating With CRM

• One of the core functions of an insurance
  business is customer relationship management.
  Integrating the CRM function with the invoicing
  system helps in improving the efficiency of
  processes manifold.
• The same processes can be managed with lesser
  resources and lesser man hours.

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Compliance and Customized Invoicing

• Since Insurance is an industry where regulation
  has got a big role to play, then complying with
  the rules laid down by regulatory authorities, is
  very important.
• A customized billing solution, ensures that the
  insurance company can customize the invoice
  according to business and regulatory
  requirements.

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Reports and Tax Management

• Managing taxation and timely payment of taxes, is
  essential for an insurance business. An online
  invoicing tool helps in managing taxation with
  ease.
• Detailed reports of taxes, invoices, outstanding
  and invoice ageing helps in easy management of
  company finances.

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Late Fee and Automatic Payment Reminders

• Adding a late fee to invoices is important for
  insurance company invoicing. This ensures that
  customers are paying the premium in a timely
  manner.
• Automatic payment reminders are also helpful in
  creating a sense of urgency of paying the
  premium. A cloud invoicing solution helps in
  using these features to get paid on time.

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Choose The Right Tool
An insurance company looking to manage its
finances and invoicing on the cloud must choose
an online invoicing software like Invoicera. The
tools provides a host of interesting features
like Recurring and auto-billing, online payments,
late fee and automatic payment reminders.
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Get In Touch
Web www.invoicera.com Social www.facebook.com/I
nvoicera www.twitter.com/invoicera https//www.lin
kedin.com/company/invoicera-invoicing-simplified P
h (IN) 91-9350204838 (600 am - 1200 midnight
IST) E-Mail marketing_at_invoicera.com
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