Ravello Solutions Announces the Release of its Billing System

29 September 2008

Ravello Solutions, a leading provider of insurance software, today announced the release of Ravello Billing which provides the insurance industry with an end-to-end billing solution offering many unique and valuable features.

Built on a modern, flexible, standards-based architecture, Ravello Billing is a logical extension of the power of Ravello Policy and Claims. While the system can be purchased and implemented on a standalone basis, the entire billing process is seamlessly integrated into the Ravello Policy and Claims modules. This assures that all aspects of a policy's lifecycle and billing events are meticulously tracked and logged. The system is extremely robust and configurable thanks to the advanced rules engine and billing configuration tools. All billing methodologies are supported including direct and agency billing.

A unique feature of Ravello Billing is the ability to change billing options with the proverbial flip of a switch. Authorized billing personnel can modify billing configurations in real time. The system can easily handle Out-of-Sequence Retroactive Billingâ„¢, which allows insurance companies to collect earned premium on out-of-sequence endorsements. This assures that all earned premium is billed and collected, preventing insurance companies from having to report earned and uncollected premium to regulators. Additionally, the system's unique design allows insurance company professionals to drill down on billing accounts to the policy level quickly and easily, thereby enabling rank and file billing representatives to field questions that normally take hours to research.

"We are extremely proud of Ravello Billing which gives our Policy and Claims Suite the capability of handling the entire billing process with the same user-friendly Ravello interface. We have taken painstaking efforts to craft a robust and flexible product which has resulted in a solution that wraps around the customer's needs rather than requiring customers to adapt to a more static or rigid solution," said Andrew J. Serowitz, President of Ravello Solutions. "Our billing system is the new gold standard in insurance billing. Ravello Billing can support multiple billing options over all states and lines effortlessly right out of the box."

"Insurers are increasingly understanding that billing is a customer service issue," comments Matthew Josefowicz, director of the insurance practice at Novarica, a research and advisory firm. "It's the only interaction that most insurers have with their most valuable customers, and it's critical to get it right. More than half of the P/C CIOs in our recent survey cited billing as an area for improvement."

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