Billing & Payments
Take the complexity out of premium collection
Manage the complete billing and payment lifecycle in one connected platform. Simfuni calculates premiums, creates billing schedules, collects and reconciles payments, and keeps every transaction connected to the policy and financial ledger.
Benefits
Make payments easier for customers and operations teams
Insurance payments can quickly become complex. Different frequencies, payment methods, missed collections and adjustments all need to stay aligned with the policy. Simfuni connects billing, payments and finance so teams can manage that complexity without creating more manual work.
Give customers more flexibility
Support different payment frequencies, dates and methods, allowing customers to pay in ways that work for them.
Keep every policy financially accurate
Connect payments, adjustments and outstanding balances directly to the policy so operators always have a clear view of its financial position.
Reduce manual payment work
Automate scheduled collections, payment processing, matching and reconciliation while clearly surfacing transactions that need attention.
Keep operations and finance aligned
Map payment activity through to the general ledger, providing finance teams with accurate, traceable transaction data without separate reconciliation processes.
Key capabilities
Connect billing, collection and reconciliation
From calculating the premium through to reconciling the payment, Simfuni manages the complete billing cycle while keeping the policy, customer and financial records aligned.
Premium calculation
Calculate premiums using configured product and rating rules, with instalments and applicable fees calculated across the selected billing frequency.
Payment collection
Collect premiums through direct debit, card and other supported payment methods, including one-off collections and transactions processed outside Simfuni.
Automated reconciliation
Automatically match incoming payments where possible and clearly surface unmatched, partial or unusual transactions for operator review.
Flexible billing schedules
Support weekly, fortnightly, monthly and annual billing, with configurable payment dates and schedules that remain aligned as customer circumstances change.
Payment gateway integration
Connect payment providers and banking processes directly into the billing lifecycle, with payment requests, files and outcomes tracked through the platform.
Financial accounting
Map every transaction type to the appropriate debit and credit accounts, supporting accurate general ledger and trial balance reporting.
How it works
From premium calculation to reconciliation
Simfuni connects every stage of the payment lifecycle. Billing schedules determine what should be collected, payment integrations manage the movement of money, and reconciliation ensures every transaction ends up against the right policy and financial account.
Billing schedules that adapt with the policy
Spread annual premiums across weekly, fortnightly or monthly instalments, or collect them in full each year. When payment frequency or timing changes mid-term, Simfuni recalculates future collections and updates the schedule so the amount collected remains aligned with the customer's cover.
- Weekly, fortnightly, monthly and annual billing
- Configurable collection dates
- Mid-term frequency and payment date changes
- Fees and one-off charges included in the schedule
Payments collected and matched automatically
Simfuni integrates payment collection into the billing lifecycle and automatically matches incoming transactions where sufficient information is available. Anything requiring attention is surfaced for review, with suggested matches helping operators resolve exceptions quickly.
- Automated scheduled collections
- Direct debit and card payments
- Automatic and suggested payment matching
- Part payments and external transactions
- Configurable payment grace periods
Every transaction accounted for
Payments don't stop at reconciliation. Simfuni records the financial impact of each transaction and maps it to the appropriate general ledger accounts, giving operations and finance teams a shared, traceable view from customer payment through to accounting.
- Configurable debit and credit account mapping
- General ledger transaction records
- Trial balance reporting
- Clear transaction history against the policy
- Traceability from collection through to financial reporting