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Dedicated SolutionFirst, you will want to veer away from doing your billing and revenue management on a monolithic or outdated legacy system.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

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TECHNOLOGY

TECHSHAKE announces strategic business alliance with Mirai Works

6:00 p.m. July 18, 2024

TECHSHAKE PTE. LTD., headquartered in Makati City, Philippines, with a branch office in Singapore, is pleased to announce that it has entered into a business alliance agreement with Mirai Works Inc., headquartered in Minato-ku, Tokyo, a professional-focused human resource service provider in Japan. 

This alliance aims to provide support for the growth and market entry of startups in Japan and Southeast Asia. 

TECHSHAKE’s Business

TECHSHAKE’s vision is to expand the startup ecosystem in Southeast Asia, with a focus on the Philippines, and to connect Southeast Asia with the world. 

TECHSHAKE (Kotaro Adachi, CEO & Co-Founder) manages and runs the Philippines’ premier innovation conference “IGNITE” in collaboration with dentsu X, a subsidiary of Dentsu Inc. and a provider of integrated media planning, branding, and marketing services. Furthermore, TECHSHAKE operates media platforms, matches startups with established companies and investors, and provides essential support for startups to thrive. 

TECHSHAKE is committed to fostering a global environment for business development in the Philippines.

TECHSHAKE is dedicated to nurturing the startup ecosystem in Southeast Asia by connecting entrepreneurs with the necessary resources and networks to succeed. With a strong presence in the Philippines and extensive experience in supporting startups, TECHSHAKE aims to bridge the gap between Southeast Asia and global markets.

Mirai Works (Nagaharu Okamoto, CEO & Co-Founder) is driven by a mission to empower individuals to embrace challenges that shape the future of Japan. Their vision is to cultivate an ecosystem where professionals thrive, regardless of traditional work structures. They are developing a business to provide opportunities for professionals to navigate changes throughout their careers and to support them in the midst of diverse career paths, including independence, entrepreneurship, side businesses, and full-time employment. 

Mirai Works’ initiatives aim to provide resources for individuals to succeed in an evolving work landscape, fostering innovation and growth.

In May 2023, Mirai Works launched “Booster,” (https://booster.mirai-works.co.jp/) a startup support platform aimed at empowering professionals to start and scale their businesses. Booster facilitates growth through acceleration programs, providing information regarding startup ecosystem events and pitch competitions, and personalized mentorship, ensuring startups have access to critical resources for success.

In this collaboration, TECHSHAKE will leverage its expertise and network to support Japanese startups looking to enter the Southeast Asian market. Mirai Works, known for its professional human resource services and startup support platforms, will enhance TECHSHAKE’s efforts by providing hands-on support in various aspects of business promotion. This partnership underscores Mirai Works’ commitment to facilitating cross-border collaboration and growth opportunities for startups in Japan and Southeast Asia.

Details of Cooperation

Not only does Mirai Works support startups registered with Booster, but it also offers a service called “Free Consultant,” (https://freeconsultant.jp/) a freelancer business matching platform. Through Free Consultant, Mirai Works plans to connect highly skilled professionals with Southeast Asian startups supported by TECHSHAKE. Mirai Works provides hands-on support in various aspects of business promotion, including management strategy planning, marketing and PR, IPO preparation, and M&A activities, to drive business growth. Furthermore, Mirai Works will collaborate with TECHSHAKE to hold acceleration programs and offer support for overseas expansion.

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TECHNOLOGY

Last Call for Entries to the OPPO imagine IF Photography Awards 2024

8:59 p.m. July 15, 2024

OPPO today issued a last call for entries to the OPPO imagine IF Photography Awards 2024. Since the competition was launched on January 17, over one million submissions have been received from 73 countries and regions, each showcasing a vibrant tapestry of cultures and traditions from around the world. As the global submission deadline approaches on July 28, OPPO is calling on photography enthusiasts to seize the final opportunity to capture spectacular moments through the lens of their cameras and collectively demonstrate the power of mobile imaging.

imagine IF Campaigns Gather Inspiring Work from around the World

Since inaugurating the competition at the start of the year, OPPO has initiated a series of themed activities aimed at encouraging its global user base to use the power of images to expand their imaginative boundaries. From May to July, coinciding with Mother’s Day and the beginning of the summer season, the ‘Road to Paris’ campaign invited users to portray the grace of mothers and capture the excitement of sport through the photographic lens for the chance to win a spot at Paris Photo 2024. The ‘In Sync with the World’ campaign meanwhile sought images that portrayed exploration around the world. Across both campaigns, the wide breadth of entries received showcased strong and emotive works that help to foster exchange and understanding between different cultures.

Photo 1 Shot by Isthisreal; Photo 2 Shot by Andrewoptics; Photo 3 Shot by Shisan and Petrichor

Celebrating Culture in All Its Diversity

Many of the entries submitted so far this year have seen participants from around the world showcase the unique landscapes and traditions of their home countries through stunning photographs. From the lively coastal life of Rio de Janeiro to the profound natural wonders of the Amazon rainforest, each image offers a portal into a new world for audiences to step into.

Alongside the main OPPO imagine IF Photography Awards, OPPO has also collaborated with Discovery Channel to showcase the diversity and allure of world cultures through the ‘Culture in a Shot’ program. Kicking-off in June in northern Thailand, the program has so far seen OPPO capture traditional crafts and musical instruments in a series of captivating images that bring the region’s rich and colorful cultural heritage to global audiences while advocating for deeper cross-cultural exchange.

Shot by Jerome Teo

Share Your Imagination for the Chance to Win Incredible Prizes

Entries for the OPPO imagine IF Photography Awards 2024 remain open until 24:00 (UTC+8) on July 28. Submission to this year’s competition will be judged by a prestigious global judging panel that includes the likes of contemporary photography icon Steve McCurry, together with National Geographic Photographer Michael Yamashita, Hasselblad Master Tina Signesdottir Hult, Magnum Photos member Alec Soth, and OPPO Senior Vice President and Chief Product Officer Pete Lau. A series of exciting awards are on offer to all participants, including individual prizes of up to USD24,000 and the chance to have their work exhibited at Paris Photo 2024.

Schedule and Prizes of OPPO imagine IF Photography Awards 2024

More than just a photography competition, the OPPO imagine IF Photography Awards is a platform for cultural exchange and creative inspiration. All photography enthusiasts are invited to take part and share moving moments that ignite inspiration and imagination through the global platform. To learn more about the OPPO imagine IF Photography Awards and to submit an entry, please visit the official website at https://imagine-if.oppo.com/en/.

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TECHNOLOGY

ZTE CEO Xu Ziyang at MWC Shanghai 2024: Ingenuity for Solid Foundation, Openness for Win-Win

10:20 p.m. July 12, 2024

ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of integrated information and communication technology solutions, announced today that the company’s CEO, Xu Ziyang, has delivered keynote speeches at both the “AI First” session and the GTI Summit themed “5G-A×AI” at MWC Shanghai 2024. Mr. Xu shared ZTE’s practices and innovations in intelligent digitalization amidst the AI wave.

In his keynote speech at the “AI First” session, Xu Ziyang shared insights under the theme “Ingenuity for Solid Foundation, Openness for Win-Win.” He emphasized that while the world has already entered an AI-driven industrial revolution, the development of generative AI faces challenges that extend from hallucinations, security, and ethics, to computing power, energy consumption, datasets, standardization, and commercial applications. To address these challenges, ZTE proposes three major principles: openness and decoupling, computing and network evolution, and training and inference enhancement.

Centered on customer value, ZTE provides a full-stack and full-scenario intelligent computing solution encompassing computing power, networks, capabilities, intelligence, and applications. This establishes a robust foundation through technical expertise and fosters innovation through collaborative partnerships, aimed at empowering various industries in their digital transformation. By continuously injecting momentum into high-quality economic development, ZTE plays a pivotal role in shaping a brighter future in the AI era. 

At the GTI Summit during MWC Shanghai 2024, Xu Ziyang participated in the GTI-GSMA 5G-A×AI cooperation signing ceremony and delivered a speech titled “Computing and Network Evolution Towards an Intelligent Future.” He detailed the transition from traditional industrialization to new industrialization, addressing core challenges, proposing solutions, and citing practical cases. The critical pathway involves breakthroughs in core digital and intelligent technologies, enhancing infrastructure efficiency and capability, and deeply integrating industry expertise. This accelerates the convergence of digital and physical realms, enhances production and transaction efficiency, and establishes agile, resilient organizations prepared for an uncertain future.

According to Mr. Xu, ZTE advocates focusing on four dimensions – digitalization, networking, intelligence, and low-carbon initiatives – to tackle current challenges and drive continuous innovation and development. The company promotes openness and decoupling, unleashing superior computing with advanced networks, enhancing intelligence capabilities, and driving business growth through green initiatives, with a strong commitment to vigorously supporting the healthy and sustainable development of the industry chain, fostering a thriving digital economy.

Below is the original text of Xu Ziyang’s speech titled “Ingenuity for Solid Foundation, Openness for Win-Win”:

Good day, everyone. It’s an honor to be invited to speak here at the MWC Shanghai. Today, I’d like to share ZTE’s insights and practices under the theme of “Ingenuity for Solid Foundation, Openness for Win-Win”.

Embracing Changes and Promoting Intelligent Evolution

Over the past year, large language models and generative AI have accelerated the transformation towards an increasingly digital and intelligent world. With the rapid emergence of new technologies and products, new business scenarios and models are also gaining momentum. Although generative AI is still in the early stage, there is a growing consensus that the world has already entered an AI-driven industrial revolution. AI will have disruptive and far-reaching impacts on all aspects of production and life, and significantly reshape the global economic landscape. According to forecasts by a consulting firm, by 2030, AI will boost China’s GDP by 26% and North America’s by 14.5%. This is equivalent to USD 10.7 trillion and accounts for almost 70% of the global economic impact. Apparently, AI will bring unprecedented business opportunities in various sectors such as retail, financial services, and healthcare.

Apart from issues concerning hallucinations, security, and ethics, the development of generative AI also faces challenges in terms of computing power, energy consumption, dataset, standardization, commercial application, etc. Therefore, advancements in multiple areas are required. As such, ZTE proposes three major principles: computing and network evolution, training and inference enhancement, openness and decoupling.

First, to break through technology bottlenecks, it’s crucial to strengthen research on architectures, algorithms, computing networks, and hardware-software synergy, thus improving AI training and inference efficiency. Second, various solutions such as Retrieval-Augmented Generation (RAG) and AI agents should be employed to ensure reliability, security, and interpretability, thereby facilitating the widespread application of large models and higher value creation, and building a data flywheel that improves both capabilities and business efficiency. Finally, accelerating standardization through openness and decoupling will help build a thriving industrial and commercial ecosystem.

Building a Highly-Efficient Foundation Through Computing and Network Evolution

To begin with, we emphasize computing and network evolution to build a highly-efficient foundation. For intelligent computing, high-speed network connections are not just vital but also indispensable. From die-to-die connectivity to interconnects of chips, servers, and data centers, continuous innovation and breakthroughs in network technology will greatly enhance the performance and efficiency of intelligent computing.

More specifically, Die-to-Die (D2D) emphasizes high-speed interconnects between bare dies in a single package. Combined with the full series of in-house parallel and serial D2D interface IPs, as well as the advanced 2.5D and 3D packaging technologies, our solution enables heterogeneous integration and disaggregation. To a certain extent, challenges arising from the slowdown of Moore’s Law and constraints in manufacturing can be effectively mitigated. We have developed chip architectures that enable heterogeneous computing and network processing, which in turn deliver enhanced performance and cost efficiency.

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