Connect with us

TECHNOLOGY

Faster, more accurate billing cycles? Here’s how


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a Dedicated SolutionFirst, you will want to veer away from doing your billing and revenue management on a monolithic or outdated legacy system.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. 

Continue Reading
Advertisement

Click to comment

Leave a Reply

Your email address will not be published.

TECHNOLOGY

Next-level mobile gaming: The power of the POCO F6

5:44 p.m. June 19, 2024

Hardcore mobile gamers know one thing: intense gaming sessions call for a phone that can always keep up.

As mobile games get more sophisticated while still delivering satisfying action, a phone like the POCO F6 is the kind of device that leaves no doubt about sheer gaming power. That’s because it’s packed with top-of-the-line features that ensure a next-level gaming experience.

  1. A processor that can handle anything

No matter your mobile game of choice, you can be assured that it will never slow down or crash thanks to the POCO F6’s Snapdragon 8s Gen 3 processor. This chip can reliably handle any new games and apps, regardless of their demand.

  1. A smooth high-refresh-rate display

The POCO F6’s 120Hz CrystalRes AMOLED display makes your whole gaming experience silky smooth and responsive. All the visuals pop out in full vivid and stunning color, making sure you never miss a single crucial detail.

  1. A phone that always stays cool

Gamers know that intense gaming means the phone can get as hot as the action. However, the POCO F6 stays cool, thanks to its LiquidCool Technology 4.0, which ventilates and regulates the device’s internal temperatures so that you can stay comfortable for as long as possible.

  1. A battery that lasts the whole day

The most important thing you need to think about when you’re gaming? It’s how long the phone is going to last. Other phones’ batteries might not be able to keep up during a marathon gaming session, but not the POCO F6—if the charge runs low, it can quickly get back up to 100% with the 90W turbo-charging tech.

So when you need a new phone that needs to catch up with you when you’re destroying the competition, look no further than the POCO F6. It may just be the winning edge that you need in your next game.

The POCO F6 is exclusively available on Shopee and Lazada in three striking colors: Black, Green, and Titanium. The 8GB + 256GB variant is available for P21,999 and the 12GB + 512GB variant retails for P24,999.

***

About POCO

POCO is a young independent brand born out of Xiaomi Corporation. As of now, POCO has entered 98 global markets. The POCO philosophy – “Everything You Need, Nothing You Don’t” – drives the brand to focus its research and development efforts entirely on POCO fans’ requirements and feedback. T

Continue Reading

TECHNOLOGY

Top AI camera phone HONOR Magic6 Pro now available nationwide with free HONOR Watch GS3! 

9:05 p.m. May 20, 2024

Leading smart devices provider in the Philippines, HONOR, continues to expand all over in the country as it opens its latest HONOR Experience Store in SM City San Lazaro. It marked also the First Day Sale of the impressive HONOR Magic6 Pro, dubbed as the Top AI Camera Phone available in the market, currently priced at P59,999. 

“This incredible Magic AI camera phone to date immensely made waves in the market and now that it’s officially available here in the Philippines, we’re also excited to have a double celebration as unveil our newest experience store in SM City San Lazaro,” said Stephen Cheng, HONOR Philippines Vice President. 

The HONOR Magic6 Pro is available with FREE HONOR Watch GS3 worth Php 11,999 when purchased in physical stores from May 18 to May 31.  

The store was officially opened through a ribbon-cutting ceremony executed by Bluelite Operations Manager Joseph Chua, Bluelite Purchasing Manager Hyacinth Simbulan, SM San Lazaro Asst. Mall Manager Darcy Royo, HONOR PH Brand Marketing Manager Joepy Libo-on, HONOR PH Retails Sales Director Tom Yuan, and HONOR PH PR Manager Pao Oga. 

To extend the fun and excitement, consumers participated during the Guess the Phone Challenge as they familiarize themselves with various HONOR smartphones and identify their lucky pick on the spot.  

HONOR Magic6 Pro’s Pro-Level Specs 

The HONOR Magic6 Pro is known for its impressive camera with 180MP resolution, Second-generation Silicon-carbon Battery with 5600mAh battery capacity, Snapdragon 8 Gen 3 processor, Magic Ring, Magic Portal, HONOR NanoCrystal Shield, and IP68 Dust and Water Resistance Certification.  

Available in Epi Green and Black, HONOR Magic6 Pro can be purchased through selected HONOR Experience Stores, and via Shopee (https://bit.ly/Shop_M6Pro_PR), Lazada (https://bit.ly/Laz_M6Pro_PR), and TikTok Shop (https://bit.ly/TikTok_M6Pro_PR)

For more affordable offers, the HONOR Magic6 Pro is also available at Home Credit for as low as P1,719/month with FREE Harman Kardon Luna and HONOR Earbuds X3 worth P11,699. Take advantage of the offer at https://bit.ly/HONORPH_HomeCredit. 

HONOR Lazada Flash Sale on May 19-21! 

Shop for your favorite HONOR devices and enjoy up to P5,000 off on top of Exclusive Vouchers and Freebies only from May 19 to May 21 via Lazada! Get the HONOR 90 Lite 5G for only P8,990 with FREE Band 6; HONOR X9a 5G for P11,990 from its original price of P16,990 with FREE Band 6, HONOR X8b for P11,400 with FREE X5 Earbuds; and HONOR X7b for only P7,600! Check out your orders now at Lazada https://www.lazada.com.ph/shop/honor.  

For more exciting announcements, head on to HONOR Philippines’ social media platforms: Facebook (Facebook.com/HonorPhilippines), Instagram (Instagram.com/honorph/) and TikTok Shop: (Tiktok.com/@honorphilippines). To check out HONOR’s complete list of retail stores, go to https://www.hihonor.com/ph/retailers/.

Continue Reading

TECHNOLOGY

PLDT Enterprise bags 3 Stevie Awards: Celebrating diverse innovations in Events and Digital Communication

12:34 p.m. May 6, 2024

PLDT Enterprise, the corporate business arm of the leading Philippine telecommunications and digital services provider PLDT, proudly announced its latest victories at the 2024 Asia-Pacific Stevie Awards.

The Philippine Digital Convention (PH Digicon) 2023 VISION: Reimagine Tomorrow’s Enterprise secured a Silver Stevie® under the category of Innovation in the Use of Events and a Bronze Stevie® for Innovation in Business-to-Business Events, while the “Visionaries” campaign received a Bronze Stevie® in the category of Innovation in the Use of Social Media. These accolades once again highlighted PLDT Enterprise’s relentless pursuit of excellence and innovation in the digital communication space.

“We are deeply honored by the recognition bestowed upon us at the Stevie Awards, which underscores our unwavering dedication to business excellence and innovation,” stated Mitch Locsin, First Vice President and Head of Enterprise and International Core Business at PLDT and Smart. “These awards are a testament to our expertise and steadfast commitment to propelling businesses towards success in the digital age. As we continue to garner accolades, they serve to reaffirm our role as a catalyst for transformative digital solutions within the B2B marketplace, and they celebrate our deep-rooted mission to empower enterprises across the spectrum with the tools and services necessary to thrive in an increasingly connected world.”

PH Digicon Uniting and Empowering Visionaries

PH Digicon 2023 VISION: Reimagine Tomorrow’s Enterprise was the most recent leg of the pioneering annual digital conference that once again brought together industry leaders to discuss and explore the future of digital enterprise. The convention offered a platform for businesses to reimagine their operations in the emerging digital landscape.

As the 9th edition of the widely anticipated industry event, it drew a record-breaking number of participants eager to immerse themselves in the latest technologies, hear from digital thought leaders and trailblazers, network with business experts, and participate in on-ground activities such as Digi Grounds, Digi Hub, and SME Zone, to form a shared vision on how to foster the Philippines’ digital transformation.

The event also featured the Start-Up Innovation Challenge, the final pitching and demo day for start-ups to showcase their ideas to industry experts on how to solve everyday challenges using technologies involving Internet of Things (IoT), Artificial Intelligence (AI), 5G, Smart Cities, Immersive Technologies, and Environmental, Social, and Corporate Governance (ESG). 

The event stood as a hallmark in PLDT Enterprise’s event calendar, not just for its scale but for its role in shaping the dialogue around digital transformation in the region. This year’s theme, “Reimagine Tomorrow’s Enterprise,” resonated deeply with attendees, as the event featured industry experts and thought leaders including prominent C-suite executives who shared their insights into the emerging trends and future of digital business. It served as an incubator for innovative ideas, fostering a space where technology and strategy converged to inspire businesses to embark on transformational journeys.

The success of PH Digicon 2023 VISION: Reimagine Tomorrow’s Enterprise in elevating the conversation on digital innovation is further validated by its Silver Stevie® and Bronze Stevie® Awards, marking it as a pivotal event that not only forecasts the trajectory of digital enterprise but actively contributes to its evolution.

Leading the Industry by Example

The “Visionaries” campaign, on the other hand, was a transformative movement celebrating customer success stories across diverse personas and industries, from SME founders, large enterprise leaders, local government unit partners, to international carriers. It showcased the digital transformation journeys of PLDT Enterprise’s customers and reinforced the brand’s customer-centric approach.

The Bronze Stevie® Award for Innovation in the Use of Social Media through the “Visionaries” campaign is a compelling affirmation of PLDT Enterprise’s leadership by example in the realm of digital storytelling and innovation. This prestigious award is a testament to the company’s success as a digital transformation ally for businesses, showcasing their ability to not just follow but set trends in the dynamic narrative of enterprise technology.

The “Visionaries” campaign exemplifies PLDT Enterprise’s role as an architect of change, demonstrating their expertise in crafting impactful stories that resonate with the audience and galvanize the market. As champions of digital innovation, PLDT Enterprise’s approach goes beyond traditional methods, reflecting a pioneering spirit that is essential for leaders in the digital age.

Raising the Bar for Industry and Innovation

“As we celebrate these Stevie Awards, we’re reminded that at the heart of our innovative endeavors lies our commitment to our customers,” added Locsin. “PH Digicon and the ‘Visionaries’ campaign are embodiments of our promise to propel our business partners and customers to success, ensuring that every initiative is attuned to the needs and aspirations of our clients. This commitment is not just a tagline; it’s a guiding principle that steers our journey towards a customer-centric future. Our accolades in events and digital communication stand as milestones along this path, reaffirming our pledge to support every enterprise in achieving their digital transformation goals,” he concluded.

The Asia-Pacific Stevie® Awards are renowned for recognizing innovation in all its forms across the 29 nations of the Asia-Pacific region. The wins at the Stevie Awards, alongside its recent accolades at the ANVIL and Quill Awards, further cement PLDT Enterprise’s position as a thought leader and customer-centric business in the telecommunications and digital services industry.

Download all attachments as a zip file

Continue Reading