Understanding Invoice Streams and benefits to your business
One Account, Multiple Billing Options.
Managing multiple insurance policies under one billing account does not mean every policy has to be billed the same way.
Different policies may have different mailing addresses, pay frequencies, payment methods, billing contacts, or payment responsibilities, where having these policies invoiced separately or grouped a certain way would make handling them easier. Invoice Streams provide greater flexibility to organize those billing arrangements while keeping multiple policies together under one billing account number.
What Is an Invoice Stream?
An Invoice Stream separates billing activity into separate smaller sub-accounts and allows for unique billing arrangements within your billing account.
This provides greater flexibility to maintain multiple policies under one account while giving you the ability to direct how your policies are invoiced and paid.
Invoice Streams can also be given nicknames, making it easier to identify different groups of policies on invoices and within the portal.
Common Billing Challenges
Invoice Streams may be helpful when:
- Different invoice dates are needed for different policies.
- Different teams manage different policies.
- Policies require separate invoices.
- Billing schedules vary across policies.
- Different payment methods are used across policies.
- Payments need to remain separate by policy
How Invoice Streams Help
Better Organization
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Receive separate invoices: Group policies based on mailing address, pay frequency, payment method, or other billing needs.
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Easily identify your streams: Add nicknames to Invoice Streams to help identify different groups of policies on invoices and in the portal.
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Assign different billing contacts: Direct invoices to the appropriate address or person for handling.
More Flexible Billing
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Use different billing schedules: Support different payment plans and terms, such as installment and reporting arrangements.
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Support different payment methods: Accommodate separate payment methods such as ACH, check, or other available options depending on the Invoice Stream payer's preference.
Keep Payments Organized
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Invoice Streams help direct payments to the intended billing arrangement using available payment methods.
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Separating policies into different Invoice Streams can help keep payment activity associated with the appropriate group of policies.
How Payment Allocation Works
When multiple policies are billed through the same Invoice Stream, payments are generally applied according to the account's payment allocation rules. Depending on the billing arrangement, that may not always align with the specific policy the payer intended to pay.
For example, an account may include a workers' compensation reporting policy and a commercial auto installment policy. If both policies are billed through the same Invoice Stream, a payment may be applied according to the account's standard payment application rules, such as applying the payment to the oldest amount due first.
As a result, a payment intended for the workers' compensation reporting policy could instead be applied to an installment due on the commercial auto policy.
Placing those policies in separate Invoice Streams provides each stream with its own billing arrangement and remittance information. When payment is submitted using the appropriate Invoice Stream information, the payment can be directed to the intended stream, helping keep payment activity aligned with the appropriate policy or group of policies.
Are Invoice Streams Right for You?
Consider Invoice Streams if your organization:
- Has different people or teams managing different policies.
- Requires separate invoices for certain policies.
- Uses different billing schedules across policies.
- Uses different payment methods across policies.
- Needs payments to remain separate by policy.
- Uses different mailing addresses for different billing responsibilities.
- Would benefit from organizing policies into clearly identified billing groups.
If any of these situations apply, multiple Invoice Streams may provide a more flexible way to organize your billing while keeping your policies together under one billing account.
One Account. More Billing Flexibility.
Invoice Streams provide businesses with greater flexibility to organize insurance billing based on how individual policies need to be invoiced and paid.
Whether you need separate invoices, different billing contacts, unique payment schedules, different payment methods, or clearer separation between policies, Invoice Streams can help create a billing structure that better supports your organization's needs.
Talk with your CopperPoint agent to see if Invoice Streams are right for you.
