Core Software
P&C CoreConnect Billing for MGAs & MGUs
Frictionless Billing
Billing and payments have transitioned from mere back-office functions to central components of digital engagement, innovation, and customer relations. Recognizing this, billing is now a crucial element of growth and innovation strategies. P&C CoreConnect Billing provides a comprehensive, automated solution that streamlines the billing and payments process with powerful features and straight-through processing, positioning it as a key tool for MGAs and MGUs and smaller insurers, aiming to secure their future success.
Robust Capabilities
P&C CoreConnect Billing provides flexible commissions structures that allow for better efficient management of carrier or agent commissions. Apply commissions on all aspects of new and renewal business to include channel, affinity groups, payment methodology, product, region, effective dates, etc. Multiple levels of agency relationships can be supported inclusive of tracking appointments, licensure and E&O policy status.
Empowered Business
Business users control billing rules without IT involvement inclusive of setting up payment plans, fees, taxes, commissions, agency hierarchy, and more.
Superior Effectiveness
Comprehensive fee capabilities allow MGAs, MGUs, and Carriers to maximize revenue within regulatory guidelines.
Market Recognized P&C Solutions
Deep Automation
MGAs, MGUs and smaller insurers need to be able to process new payment methods and handle large transaction volumes securely and accurately, with Majesco P&C CoreConnect Billing they can.
- Fully automated billing lifecycle from distributing bills, to recurring payments, automated cancellation, reinstatement processing, to renewal handling, automated refunding, and more.
- Straight through processes around refund handling and rules, tax and fee collections, suspense and early cash handling bring extensive automation to billing teams.
- Agency bill features/capabilities provides customization and automation support for monthly settlement.
- Commissions flexibility and automation streamlines the processes of calculating, distributing, and transferring commissions, inclusive of distribution and sweep to agency bank accounts via EFT.
Rich Data Access
Empower precise decision-making and enhance risk assessment.
- Access data analytics and reporting allow for easier month-end balancing.
- Cutting-edge data warehouse allows for central storage of insurance premium data.
- Automated waiving of balances base on rules and tolerances with the ability to waive balance amounts regardless of cause.
- Comprehensive fee capabilities allow MGAs, MGUs, and Carriers to maximize revenue within regulatory guidelines.
- Incentivize distribution partners properly and react to market changes rapidly with highly flexible commission options.
- Consolidated bill feature enables the seamless compilation of multiple policy bills into a single invoice to eliminate the need to track and manage numerous bills and invoices across multiple systems.
- Robust API support for a vast array of billing transaction types facilitates seamless communications to improve workflow management.
Robust Solution
Gain quick-to-value and cost-effective business intelligence with pre-configured mapping of metadata, standard reports, and dashboards.
- Compensate agents faster with flexible commissions structures that allow for better agent experience.
- Increase retention with automatic reinstatement following late payments helps improve customer experience and retention.
- Decrease dishonesty with automated rules for suspense and refund processing to reduce opportunities for employee misappropriation.
- Support unlimited billing plans and multiple billing types.
- Process deduction of premiums from multiple accounts for different policies as well as equity calculations.
Featured Resources
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FAQ
Majesco P&C CoreConnect Billing comprehensively tracks both written premium and paid premium. Within this system, various commissionable entities—such as MGAs, agencies, subagencies, agents, brokers, and attorneys-in-fact—are managed. Typically, MGAs receive commission based on written premium, while agencies’ commission structures may vary based on factors like paid premium or written premium, determined by the agency type and billing method. Majesco P&C CoreConnect Billing meticulously maintains records of commission rates for MGAs and the commission rates for agencies, subagencies, agents, brokers, and attorneys-in-fact. For each commissionable entity, the system generates separate commission records, such as settlement transactions, based on their respective commission rates and billing status (written vs. paid).
Majesco P&C CoreConnect Billing delivers feature-rich, comprehensive solutions for the most complex billing requirements.
