Billing & Payments
Billing and payment software for life insurers
Simfuni helps life insurers calculate premiums, manage billing schedules, collect payments through their gateways and reconcile every transaction back to the policy and general ledger.
Benefits
Keep billing, payments and finance connected
Track payment activity
Give operations and finance teams a clearer view of premiums, payment status, outstanding balances and reconciliation activity.
Reduce manual payment work
Automate key billing and payment steps, including scheduled collections, payment processing, matching and reconciliation.
Keep finance aligned
Map transactions back to the correct policy and general ledger accounts, so payment activity stays accurate and traceable.
Support flexible billing
Give customers more choice over how and when they pay, while keeping billing schedules and premium calculations connected.
Key capabilities
Connect premium billing, collection and reconciliation
Set the premium, choose the billing frequency, collect payments and reconcile transactions back to the policy and general ledger. Simfuni connects the billing cycle so finance teams have a clear, accurate view as payments move.
Premium calculation
Premiums are calculated from product rating rules and split evenly across the chosen frequency, with fees applied and shown on every instalment.
Billing schedules
Collect weekly, fortnightly, monthly or annually. Billing and payment dates are tracked separately, so delays in processing don't affect future collections.
Premium collection and processing
Collect direct debit, card and charge-off payments on demand, with external transactions captured when money moves outside Simfuni.
Payment gateway integration
Connect payment gateways and output files to the bank, with files tracked and available for download.
Reconciliation
Match incoming payments automatically by reference, or allocate them manually when part payments and grace periods need review.
General ledger mapping
Every transaction type maps to debit and credit accounts, so the general ledger and trial balance stay accurate and exportable.
How it works
Payments reconciled back to the policy and ledger
Billing schedules that fit the customer
Spread annual premiums across weekly, fortnightly or monthly instalments, or collect the premium in full once a year. When the frequency changes mid-term, Simfuni recalculates the correct instalment and updates the schedule.
- Weekly, fortnightly, monthly or annual collection
- Every fee shown on the instalment, so the customer sees the full cost
- One-off charges and external transactions supported
- Friendly schedules such as "Monthly on the 15th"
Incoming payments matched automatically
When a bank reference carries the full policy number, Simfuni allocates the payment automatically. Everything else lands in a clear worklist with a suggested match, and configurable grace periods stop early payments being marked overdue.
- Automatic allocation on a matched reference
- Suggested matches for manual review
- Part payments and grace periods supported
- Bank files tracked from input to output