Provide your agents and policyholders with features that simplify their work and provide a positive experience. The Diamond Billing module offers flexible payment plans and options that are designed with both customer service and profitability in mind.
As a standalone application, or as part of the Diamond Platform, Diamond Billing is a flexible solution that you can configure to meet your unique business rules.
Unlimited payment plan options can be configured to support individual settings for the number of installments, the days between installments, minimum payment amounts and more.
Here are just a few of the options that are available:
Installment plans for any duration and percentage of premium
Different due dates based on transaction type
Multiple options for handling endorsement premiums
Minimum invoice and cancellation amounts
Rules for handling partial payments
Flexible Fees and service charges and the ability to trigger them at different times.
Recurring pay plan options for both EFT and Credit Card
Our analysts have years of experience in dealing with the billing requirements in states and territories and can help select the right billing options for you, your policyholders, and your accounting system.
Diamond Billing Insurer Benefits
Take advantage of a configurable design to satisfy your agents’ and policyholders’ distinct needs. Implement pay plans that work for your clients and allow them to make real-time pay plan changes mid-term to give them control of their payment options.
Offer your agents and policyholders a wide variety of options for paying their bills, from mobile to web, credit card or EFT, checks, or cash.
Accurate and easy-to-access information on the current amount due and future bills provides data your clients demand.
Diamond Billing Advanced Capabilities
- Adapt and define pay plans quickly and easily for both direct bill and agency bill methods
- Extend real-time payment processing to agents and policyholders and provide real-time updates based on billing adjustments and transactions
- Enable agents and policyholders to preview the billing impact before issuance when processing transactions.
- Filter available payment plan options based on policy characteristics
- Allow policyholders to select their own due date
- Support complex commission calculations and electronic commission payments
- General Ledger integrations
- Configurable refund rules
- Retail Lockbox and other payment file imports
- Collections and Premium Write-off capabilities
The Bottom Line:
Insurers want to provide flexible options while still managing their bottom line. Policyholders want the ability to make payments anytime from anywhere. And, agents want real-time information at their fingertips. Allow Diamond Billing to deliver the capabilities that are right for every situation.