CoreLogic streamlines billing to better serve customers

CoreLogic’s mission is to empower organizations to make smarter decisions about property valuation, underwriting, and risk management through data-driven insights. More than 1.2 million real estate professionals, the federal government, and thousands of lenders, insurers, and property management companies rely on its services.

As the company grew organically and through acquisitions, its billing landscape and infrastructure increased in complexity. With more than 50 billing and fulfillment systems, it was a tremendous challenge to gain a 360-degree view of customers, invoices, revenue, and contracts. The existing systems were inflexible and highly dependent on manual intervention, which slowed processes and increased costs.

CoreLogic wanted to ensure that its customers had a seamless experience throughout the business lifecycle, including billing. It also needed to bring a new level of insight to revenue management. Oracle Revenue Management and Billing running on Oracle Cloud Infrastructure (OCI) and Oracle Exadata Cloud Service provided an ideal solution.

Oracle Revenue Management and Billing is highly configurable and simple to use. It supports various pricing models, invoicing, customer management, and collections.

The company began implementing Oracle Revenue Management and Billing in its CondoSafe business in April 2020, going live in December 2020. The timeline was aggressive, even before factoring in the pandemic and the need to conduct business entirely remotely.

CoreLogic also uses Oracle Cloud Infrastructure and Exadata Cloud Service to reduce database management, while ensuring the processing power needed for future growth.

Early wins with Oracle Revenue Management and Billing include consolidating invoice templates, rationalizing the number of reports from more than 100 to 23, and reducing the number of product SKUs from 287 to 56. The impact includes streamlined business processes and better visibility. In addition, the organization is in position to significantly reduce IT costs as it retires multiple legacy systems.

To enable the business to scale and better serve customers, CoreLogic is automating workflows. In the future, customers from across business units will be able to review and pay all of their invoices from a single portal. The company is also increasing accuracy due to built-in balancing processes and integration with the financial management system.

CoreLogic worked with RIA Advisory, an Oracle Gold partner, at every step of the way to effectively map business cases, retool processes, and ensure a successful go live. RIA Advisory is a business and technology consultancy that specializes in utilities, technology, and financial services. The company's team of professionals, with experience in revenue lifecycle management, helps clients achieve their business transformation goals with speed, ease, and financial viability.