The billing function, once considered “the most ‘back-office’ of back-office processes,” according to a recently published report — Property Casualty Billing Systems North America Edition — from the research and advisory firm Celent, continues to emerge as a critical factor in insurers’ financial operations and in establishing and maintaining strong relationships with customers and distributors. 

Even so, there are still many billing systems in use today that are unable to support a more modern approach to billing. “In most cases,” write the report’s authors, Karlyn Carnahan, Fabio Sarrico, and Andrew Schwartz, “legacy billing systems will not meet the challenge of higher service expectations from today’s consumers, business customers, and especially distribution partners.”

To “help insurers define their core billing system requirements and [to] be used as the first step toward creating a short list of vendors for evaluation,” the 236-page report profiles 26 billing solutions with an overview of functionality, customer base, lines of business supported, technology, implementation, pricing, and support.

In the report, Celent groups the 26 vendors it profiles into five categories, ranging from the established “Luminary: Excels on both Advanced Technology and Breadth of Functionality ....” to emerging providers, described as “Developing Solution: Low on both Advanced Technology and Breadth of Functionality ....”

Making its first appearance in this year’s Property Casualty Billing Systems North America Edition is Origami Risk. Grouped in the “Technology Standout” category, which is defined as “Excels in Advanced Technology but doesn’t yet have as many features as leading competitors.... Often newer, these solutions typically have chosen a focused set of functionalities to begin their journey,” Origami’s profile and positioning reflect the firm’s growing industry recognition for its multitenant core solutions for property and casualty insurers, pools, MGAs, TPAs, brokers, and agents.

Of note is the fact that, among the vendors profiled, Origami reports that it is currently being used by nearly 180 insurance customers, the second-highest total among all vendors disclosing this information to Celent.

Further differentiating Origami from other providers is that it offers the only true multi-tenant SaaS core insurance solution on the market. Multi-tenant architecture is rapidly garnering interest and adoption. Among the many advantages it offers, multitenancy is notable for: 

• Reduced demand on internal IT resources
• More frequent system enhancements
• More efficient use of cloud technology
• Lower total cost of ownership
• Improved scalability 

Those interested in learning more about Origami’s P&C billing solution can contact the firm to discuss their technology needs and request a demo. A guide to the benefits of multi-tenant architecture is also available for download.