Billing has always been a headache for insurance businesses. But in light of factors like a widespread digital transformation and a health crisis due to the COVID-19 pandemic, insurers have had to face a number of unique challenges over their money matters.
These include cost pressures, billing for new policies that are more flexible and standalone in nature, and responsive billing processes for a demanding insurance market. In addition, insurers are in intense competition with each other. It’s currently a race to see who can leverage their agility and tech-savviness to win over the most customers and secure the most revenue.
Mastering your insurance organization’s billing cycle is one of the best ways to improve your business performance. By rethinking your billing and revenue management, you’ll be able to reduce administrative costs for handling bills, identify revenue-making opportunities, and cultivate the trust of multiple generations of insurance customers.
To that end, here are five ways to achieve faster and more accurate billing cycles. Practice these today in order to improve your company’s billing and revenue management processes.
Manage Your Billing and Revenue Management from a Dedicated SolutionFirst, you will want to veer away from doing your billing and revenue management on a monolithic or outdated legacy system. It would be a good idea to invest in a more agile digital insurance platform that can perform these functions with greater efficiency than your current tech stack.
There are several billing and revenue-related advantages to upgrading your insurance solution. For one, you’ll be able to use a dedicated pricing engine to ascribe the right prices for your customers according to their evolving insurance needs.
For another, the solution will allow you to manage a large volume of bills according to the scale of your insurance business.
You’ll also be able to automate the rote tasks in your billing cycle so that they can be addressed quickly, and their resolution won’t be as susceptible to human error.
And lastly, it will be easier to maneuver your billing arrangements for different policies and premiums based on all the different federal rules. Arrangements that insurers usually find difficult to handle—for example, stop loss coverage for Administrative Services Only (ASO) and billing hierarchies for enterprise-level insurance plans—will be a breeze with upgraded insurance software.
Achieve Full Configuration of Your Billing Policies
The second thing you will want to do is to set sure parameters for your billing policies. You can adjust them as necessary, but whatever iteration you uphold has to be followed by your personnel.
Some examples of parameters that you should revisit are the following:
● Which day of the month to send each customer their bill. It can be the same day of the month that a customer first enrolled (for example, the 25th of each month if your customer signed up for their insurance plan on the 25th of January), or on the same day for all corporate policyholders for a particular insurance category.
● How often to bill customers if monthly billing is not the default in their arrangement.
● Minimum amounts that will require billing.
Supplement Your Billing Cycle Management with Improved Revenue Management Processes
Billing and revenue management are closely related processes, because both have to do with ensuring that your company makes a sustainable profit. Thus, it’s only right to supplement any changes you make to your current billing protocols with necessary changes to your revenue management strategy.
Some improvements that you can make as early as today are:
● Find a way to consolidate your accounts receivable (AR) for your individual customers and your corporate clients.
● Detect revenue leakages between billing cycles. It would be good to find out the common causes of missed payments, such as failed credit card payments, and ensure that your customers can find other ways to pay on time.
● Identify opportunities to improve monthly revenues through billing, such as sending auto-reminders to customers when it’s almost time to pay their bill.
Strengthen the Customer Management Aspect of Your Billing and Collection Protocols
Yet another helpful thing that you can do for your insurance company is to ensure that up-to-date customer enrollment data is fully incorporated into your billing processes. This will result in efficient and personalized billing experiences for your insurance customers.
Make your billing process align with pricing strategies for particular categories of customers, for example by tier or based on their age. You can also ensure that your billing system quickly accommodates changes to pricing based on life events. The more responsive your billing process is to your customers’ life circumstances, the better they’ll be at paying the correct amount at the right time. Don’t lose sight of how important your customers are in your billing cycle.
Be Conscientious About Your Financial Reporting for Billing and Revenue Management Processes
Lastly, for best results, you will want to monitor any changes you make to your billing and revenue management processes. This is the only way that you will be able to determine how successful your billing process is.
For example, you can keep an online ledger that shows you and your staff what your insurance organization’s financial health looks like based on its billing and collection. From here, you will be able to see if there’s any need for your company to re-tailor its billing and revenue management processes.
Conclusion: Increase Your Insurance Business’s Value Through its Billing and Revenue Management System
These are indeed challenging times for insurers, but they can definitely build their business value by improving their financial housekeeping skills.
Knowing that, make billing and revenue management priority areas for your company, and strive to do better for each billing cycle that comes around.
LG honored with multiple awards for Innovative Product Design at IDEA 2023
September 4, 2023 3:11 p.m.
LG Electronics (LG) has once again been recognized for outstanding product design, earning 13 awards at the International Design Excellence Awards (IDEA) 2023, announced at the International Design Conference in New York, New York.
The LG PuriCare AeroTower, an air purifier that can also be used as a side table and mood lamp, was honored with a Bronze Award at yesterday’s conference. Offering personalized performance and design options, as well as a compact form factor, LG’s air purifier can be tailored to match any home interior and is ideal for smaller spaces. With its latest win, the LG PuriCare AeroTower has now been recognized by all three of the world’s top industrial design award programs: IDEA, the Red Dot Award and iF Design Award.
Another IDEA 2023 honoree, the LG OLED Flex (model LX3) is an innovative TV featuring the world’s first bendable 42-inch OLED screen. The LX3, which made its international debut at IFA last year, offers a new level of screen customizability – its self-lit display able to go from completely flat to spectacularly curved with the push of a button.
“The achievement from this year’s IDEA is the result of the synergy between customer experience-centered technology and aesthetics,” said Hwang Sung-gyul, head of the Design Management Center at LG Electronics. “We will continue to improve the level of perfection by reflecting innovative customer experiences beyond the existing framework in product design by constantly communicating and empathizing with customers.”
Organized annually by the Industrial Designers Society of America (IDSA), IDEA is one of the world’s leading design award programs, recognizing exceptional achievements in the area of industrial design while taking into consideration various factors relating to design strategy, digital interaction, the environment, and social impact, when selecting award recipients.
Life’s about more than having the latest technology, rather, it’s about the experiences technology creates that impact our lives. LG Electronics Philippines delivers consumer electronics through top-of-the-line home entertainment appliances that prepare Filipinos for their greatest moments. LG promises to bring “Innovation for a Better Life” nationwide – from Luzon, to Visayas, and Mindanao. LG products are available via lg.com/ph and through its flagship stores in Lazada and Shopee. For more information, visit and follow their social media channels on Facebook, Instagram, Tiktok and Youtube (@lgphilippines).
TCL AAT Inverter+ Refrigerators take lead to healthier lifestyle
July 10, 2023 4:33 p.m.
TCL, the leading consumer electronics brand and the world’s top two TV brand, launches their latest Free Build-In refrigerator that is highlighted by three defining features based on TCL’s advanced technology and elevated design.
Just in time for this month’s celebration of Nutrition month, TCL introduces the newest Refrigerator line up that reflects TCL’s dedication to delivering cutting-edge home technology at reasonable prices while enabling users to live healthier, more environmentally friendly, and more practical lives.
Introducing TCL’s Flagship Smart Fridge with Health and Energy-Saving Benefits
TCL’s AAT Inverter+ is set to be the best accessible high-tech top-mount refrigerator on the market and a great example of the powerful functionality featured across the TCL Refrigerator lineup.
With Filipino families becoming more health conscious than ever before, TCL AAT Inverter+’s Healthy Fresh functions are equipped with smart functions to keep your food chilled at the right temperature and ensure it stays fresher for longer, with the innovative Multi Air flow system, AI radar, and the Automatic Anion-releasing Technology (AAT) .
Speaking of better care of health, TCL’s AAT Inverter + also puts emphasis on its care for the planet. Its Twin Eco Inverter provides the perfect cooling environment for food, which not only enables long-lasting freshness but also saves energy and money. The Twin Eco Inverter also provides a steady temperature inside the refrigerator which inhibits the growth of ice, a process known as Total No Frost. Food remains frost-free so there is no need for manual defrost and no danger of food sticking to the walls of the refrigerator or being frozen when placed towards the back.
Lastly, the Easy-Using features give the user experience a premium feel, with little adaptations to make life more convenient, such as large storage space, Twist Ice Maker to freeze, unmold and store ice cubes with a simple gesture.
The TCL’s Varied Refrigerator Range Suited for Every Filipino Family
Aside from TCL AAT Inverter+, TCL has an extensive range of refrigerators to suit every Filipino family’s needs. The TCL FreshPro Direct Cool+ line is an accessible but highly functionable range, with precise temperature control allowing for accurate cooling to ensure optimum conditions to preserve freshness. TCL FreshPro Direct Cool+ Refrigerators are designed to be running at low noise thanks to innovative compressors, ensuring you are never disturbed by humming or buzzing, and soft LED lighting offers excellent illumination of the fridge contents whilst saving on energy consumption.
Regarding the energy saving aspect, like the TCL AAT Inverter+, The TCL FreshPro AAT Inverter Max collection also comes with a Twin Eco Inverter, which allows accurate temperature control whilst reducing energy consumption and noise for a quieter and more environmentally friendly option. What’s amazing is that the TCL FreshPro AAT Inverter Max range comes equipped with powerful cooling functions – with just a press of one button, the Power Cool increases the cooling rate to chill your drinks and food rapidly whilst the Power Freeze further enhances the cooling effect to freeze food and ice. The Max Space feature allows families to customize storage within the fridge to suit their requirements, with daily items organized to be easily accessible whilst optimizing the space available allowing the ability to stock up on family favorites.
Discover TCL’s range of refrigerators to suit every consumer’s requirements, rolling out across retailers in the Philippines this month.
Huawei’s Sabrina Meng: Embracing 5G transformation
June 28, 20237:30 p.m.
SHANGHAI — At the opening day of MWC Shanghai 2023 today, Sabrina Meng, Huawei’s Rotating Chairwoman and CFO, gave a keynote titled “Embracing 5G transformation”.
“5G has been in commercial use around the world for four years now. It’s driving new value creation, and 5.5G is the next step forward,” said Meng. “Science and technology are moving towards large, complex systems. This requires matching technology to specific scenarios and performing systems engineering, in order to pave the way for 5G’s ongoing success.”
5G is creating value along three different fronts
Science fiction can only sketch the future. But science and technology can turn imagination into reality.
5G has been in commercial use for four years now. Across all industries and countless households around the world, it’s changing the way we work and live, creating tremendous economic, industrial, and social value.
For consumers, 5G, cloud, and AI have set off a chain reaction, creating an environment where all buyers can also be sellers.
For industries, 5G has become a new driver of productivity. There’s greater alignment than ever between technology suppliers, their partners, and customers on where 5G can provide the most value. Strategic patience, in-depth understanding of industrial scenarios, and ongoing improvements to ROI have given 5G a foothold in industrial applications.
Moving ahead, 5G will give rise to new devices and applications that deliver a more immersive experience, like 5G New Calling and naked-eye 3D. 5G is also ushering in a new era of super-connectivity between things, bringing new strength to IoT networks and driving new forms of productivity.
5.5G is the next step forward for 5G. 5.5G will feature 10-gigabit downlink speeds, gigabit uplink speeds, the ability to support 100 billion connections, and native AI. It will not only connect people better – it will also create incredible new business opportunities with more targeted support for industrial needs in domains like IoT, sensing, and advanced manufacturing.
Taking 5G to the next level and paving the way for ongoing success
The ladder to success isn’t built on ongoing progress with a single technology. It’s built on matching technology to specific scenarios and real-world needs. And systems engineering is key to taking the next step up.
The commercial deployment of 5G has created a growing appetite for more groundbreaking, leapfrog innovation. So what will take 5G to the next level, and how will it provide greater value in different vertical markets?
This will require finding the right technology for different scenarios and performing more comprehensive systems engineering. This will also require diving deeper into industrial scenarios, truly understanding customers’ pain points, and adopting a more holistic systems engineering mindset.
The industry needs to work more closely together both up and down the value chain – with peers and partners, customers and developers – on solution modeling and optimization, as well as tools and methodologies. The industry also needs to pave the way for ongoing success throughout the entire product lifecycle, from R&D and procurement, to supply and marketing.
Building up integrated capabilities and exploring the future of communications
The digital infrastructure of the future intelligent world will be deeply integrated into every aspect of people’s lives, industry, and society. It won’t be based on advancements in individual technologies, but rather on incredibly massive, complex systems – the convergence of multiple elements. It’s going to require systems-level thinking and design.
When watching a chess game, you can see the big picture. But when you’re playing chess, you focus on the details. Likewise, systematic capabilities to integrate technology and transform management are critical for the future success of 5G.
Meng spoke about two specific types of integrated capabilities. “The first is integrating different technologies. We can achieve greater synergy across cloud, networks, edge, and devices through systematic design and cross-domain innovation. When coupled with optimization across software, hardware, chips, and algorithms, we can address the challenges associated with developing complex solutions for vastly different industrial scenarios.”
“The second,” she continued, “is the ability to integrate different approaches to management. Digital and intelligent transformation is not just about technology itself. It’s more about transforming your approach to management. Going digital requires redefining the relationships between people, events, things, and theory, and adopting a more open, forward-looking management approach to address future challenges.”
Meng concluded: “Information technologies like 5G, 5.5G, AI, and cloud will help us rise with the tide and take us forward to an intelligent world. The best scenery is always ahead. Let’s create a bright future together.”
In the Philippines, the three major telecommunications service providers have rolled out 5G networks nationwide to offer better network services and optimize the potential of innovative technology.