MPHASIS WYNSURE BILLING PLATFORM

Smart Billing for Group and Individual Insurance
• Secure • Modular • Scalable • AI-enabled • Integration-Ready

AN AI-ENABLED BILLING
PLATFORM FOR THE INSURANCE INDUSTRY

Mphasis Wynsure Billing Platform (MWBP) is a comprehensive billing solution for insurance carriers, brokers, and billing service providers who aim to achieve operational excellence and a differentiated customer experience. Through automated workflows, MWBP streamlines billing and reconciliation across all group benefits and individual product lines and seamlessly integrates all participants across the insurance value chain—from employers and their employees to brokers, carriers, and their affinity partners. MWBP offers a subscription fee option, significantly reducing initial investment costs and accelerating your digital transformation journey.

Mphasis Wynsure Billing Platform covers every step from billing to reconciliation & accounting, significantly reducing operational costs and errors, streamlining cash flow, plugging revenue leaks and enhancing customer satisfaction.

HIGHLIGHTS OF MPHASIS WYNSURE BILLING PLATFORM

Consolidated invoicing for carriers across multiple product lines - Group Benefits, Voluntary & Worksite Life, Health, Disability and P&C lines of business
Consolidated invoicing for brokers across multiple carriers and product lines
Seamless integration with any policy admin system enabling easy adaptation to policy issuance systems’ native premium file layouts, automatic file releases and error management
Automated reconciliation offering support for multiple payment channels and methods, payment deposits and remittance matching to invoices, streamlined discrepancy and delinquency management
Customized billing & payroll setup tailored to client billing method preferences for group payroll deductions, list billing, self-admin billing, direct billing, billing by division, product, class etc.

FEATURES OF MPHASIS WYNSURE BILLING PLATFORM

Premium & Remittance Interface Hub

Seamless integration with carrier policy systems, employers & third-party vendors
Easy configuration of standard premium & remit file layouts or adaptation to sender’s layouts
Dynamic mapping of inbound file layouts to Wynsure APIs
Quality control of inbound files through validations and error management
Auto-release of files with review capabilities, only if needed
Complete traceability of inbound file records with core Wynsure processing

Billing & Payroll Deductions

Group billing, payroll deduction billing, self-admin billing, direct billing
Automated billing & invoicing schedules, easily tailored to customer preference
Automated payroll deduction schedules to match exactly with group payrolls
Consolidated billing for products from multiple policy admin systems
Seamless management of multiple premium inputs like term premium, modal premium etc.
Ability to void and re-bill, hold bills etc.

Payments & Reconciliation

Multiple payment channels like ACH, CC, EFT, Lockbox, Payroll Deductions
Automated remittance files intake and processing
Automated reconciliation and allocations based on product hierarchy rules
Easy management of delinquency and lapse schedules
Seamless management of suspense accounts, write-offs, transfer credits/debits
Comprehensive management of General Ledger accounts and data feeds to GL accounting systems

Commissions & Disbursements

Broker and producers’ hierarchy management
Compensation plans and commission contracts management
Role-based limits for premium refund & commissions disbursement approvals
Automated commission processing for group and individual product line policies
Interface with account payable systems for premium and commission disbursements
Commission statements

Data & Analytics

Billing AI chatbots to summarize and help respond to billing, reconciliation, refunds, lapse related customer queries
Workflow-based task assignments to focus on what needs immediate attention
Analytics to view trends across products lines, customer groups and regions
Operational reports to manage billing and accounting tasks
Accounting summary reports to manage recon with other systems

Group / Member Billing Portal

Complete view of policy and billing details
Post remittance files and make payments
Payment gateway integration to support various payment methods

BUSINESS BENEFITS

Customer Experience

Enhanced CSAT scores; improved FCR and NPS
Simplified customer service for 360-degree initiatives
Multi-currency and multi-lingual support
Seamless and self-serve billing experience with multi-channel user experience

Ops Excellence

Reduced IT dependency on product build, ongoing support
Effective tools seamless integration into technical environment
Wynsure as a Service (WaaS) advantage for enhanced productivity, improved DSO and minimized bad debts

Business Growth

Event-driven & scalable architecture
Product configurability for reuse of rules and attributes
Flexibility for product portfolio expansion
Integration mechanisms to leverage existing investments
Software as a Service (SaaS) subscription model aligning growth to expense

SOLUTION ARCHITECTURE - ENTERPRISE FUNCTIONAL VIEW