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a Dedicated SolutionFirst, you will want to veer away from doing your billing and revenue management on a monolithic or outdated legacy system.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.
TECHNOLOGY
TCL White Lines: Future of home living
1:48 p.m. September 18, 2024
TCL, a global leader in consumer and one of the world’s top two TV brands, is reinforcing its commitment to innovation and improving daily life through advanced technology.
While maintaining its strong position in the TV market, TCL is now actively pursuing leadership in the complete smart home solutions space, encompassing air conditioners, washing machines, refrigerators, and audio equipment.
Under the guidance of newly appointed CEO Peter Chen, TCL is setting a new standard in home living. “My vision is to solidify TCL’s presence in these categories, ensuring that we not only continue to innovate but also enrich the lives of consumers worldwide. As we expand globally, my goal is to ensure that TCL remains one of the top innovators in consumer appliances, continuing to meet and exceed the evolving needs of our customers.”
With nearly a decade of experience at TCL, Mr. Chen has witnessed the company’s evolution from a rising star to a dominant force in the TV market. His contributions have been instrumental in building market share and establishing TCL as a recognized leader. But Mr. Chen’s goals for the company go far beyond its current successes.
This year, TCL is prioritizing global expansion and continued product innovation. The company’s advanced technology is revolutionizing home appliances, offering superior comfort, convenience, and efficiency, as exemplified by the TCL White Lines category. TCL has already achieved remarkable success in this area
As of May, TCL has achieved the top position in terms of volume sold within the air conditioner market. Furthermore, they have secured the No. 1 spot in the split-type category for both ytd 2023 and 2024 in retail stores, according to market research conducted by TRS Research.
In the refrigerator category, TCL have tailored their offerings to cater to various market niches, with the top-mounted models capturing significant market share. This targeted approach has allowed TCL to meet diverse consumer needs effectively.
While in the washing machine segment, TCL has made a significant impact by offering a diverse and high-quality product lineup. Their focus on high-end top-load models, coupled with competitive pricing, has been a key factor in their success. Likewise, they’ve also provided a broad range of options, including both top-load and twin-tub models, catering to various customer needs and preferences.
TCL’s focus on delivering superior technology that fits seamlessly into everyday life with consumers. As a result, TCL earned the No. 1 share in front-load washing machine sales in retail stores in the Philippines based on cumulative market share data from the beginning of 2023 through June 2024 based on TRS Research data. This accomplishment reflects TCL’s commitment to delivering superior products that meet the needs of their customers while maintaining affordability and quality.
“These targeted strategies have been instrumental in fueling our market share growth, reflecting TCL’s commitment to innovation and customer satisfaction across all Whitelines categories,” Mr. Chen enthuses.
As part of the strategy, TCL is not only committed to global growth but is also leading the charge in sustainability and environmental stewardship. Just this year, they are integrating advanced energy-saving technologies into their appliances to help consumers reduce their energy consumption and lower their utility bills. The goal is to not only enhance the efficiency of their products but also to support their customers in making eco-conscious choices.
“Our dedication to sustainability drives us to continuously push for eco-friendly designs and practices that minimize our environmental impact. We believe in leveraging innovative technology to improve people’s lives, solve everyday problems, and bring joy to families. By focusing on these principles, we aim to inspire and empower individuals to pursue greatness while creating a safer and healthier world for everyone,” Mr. Chen continues.
Elevate your everyday home with TCL White Lines Appliances to experience comfort, efficiency, and a cooler significant way of living.
TECHNOLOGY
Seamless multitasking is possible with vivo Y28
6:04 p.m. September 16, 2024
People nowadays constantly juggle different things—work, social life, entertainment, and more. Thankfully, the vivo Y28 is designed to keep up with this fast-paced lifestyle.
With its 6000mAh battery and IP64 dust and water resistance, it’s built to last through even the busiest days. But the real game-changer? This phone makes multitasking effortless, allowing you to switch between apps seamlessly without breaking a sweat.
Multitasking advantage
Why settle for a phone that does one thing at a time when the vivo Y28 can do so much more? Imagine watching a video and responding to texts at the same time, or managing work documents while keeping an eye on your inbox.
The vivo Y28 makes it all possible, thanks to its ability to run up to 12 apps simultaneously on your screen. Here’s how to make multitasking on the vivo Y28 a breeze:
https://www.tiktok.com/@vivo_philippines/video/7401342215055871240
Open an app like Netflix or WhatsApp.
Minimize it with a simple tap.
Now you can interact with multiple apps all at once. You don’t have to pause your movie to reply to a message or close your work emails to check your calendar. The vivo Y28 keeps everything running smoothly.
The vivo Y28 is perfect for people who need a phone that can do more:
Professionals can manage work tasks, emails, and documents without closing anything.
Social media users can watch videos, scroll through feeds, and chat all on the same screen.
Students can keep research articles open, join online classes, and respond to group messages, all at once.
Anyone on the go who needs multiple apps running smoothly to handle life’s demands.
Powered by Memory Booster
The magic behind the vivo Y28’s ability to multitask lies in its Memory Booster technology:
8GB RAM + 8GB Extended RAM: This powerhouse combo lets you switch between 25+ background apps without slowing down, making it easier to stay productive.
RAM Saver: It automatically clears out unnecessary data to free up to 600MB of memory, keeping your phone running at peak performance.
App Retainer: You can leave apps open and come back exactly where you left off. No reloading, no delays.
Master multitasking now with vivo Y28
The vivo Y28 is designed for people who want to make the most out of every moment. Its multitasking capabilities, combined with a durable build and long-lasting battery, make it the perfect phone for those who expect more from their devices. Life doesn’t slow down, and with the Y28, neither do you.
Visit vivo concept stores, kiosks nationwide, or shop online through the vivo website, S
TECHNOLOGY
LG XBOOM sets new standard for portable audio excellence
12:14 p.m. September 15, 2024
LG Electronics proudly unveils its latest innovation in sound—the LG XBOOM speakers—during a high-energy launch event at Abenson Quezon Avenue. The highly anticipated lineup was introduced to an enthusiastic audience of media and music lovers, all eager to experience the bold, immersive sound that the LG XBOOM delivers.
The event transformed into a vibrant music festival, alive with energy and festive decorations that perfectly highlighted the XBOOM’s cutting-edge technology. This lively atmosphere created an unforgettable experience, showcasing the speakers’ superior features and their versatility for any occasion—whether used outdoors, for traveling, or at a big party.
Black Eyed Peas’ “Boom Boom Pow” also played a key role in the event, initiating the audience for a global movement of breaking boundaries, pushing limits, and living in the moment. As an iconic anthem, “Boom Boom Pow” perfectly complemented the XBOOM’s dynamic features, with the speakers’ bass amplifying the event’s party atmosphere. The collaboration highlighted the synergy between innovative technology and high-energy music, making the launch event a truly unforgettable experience.
LG Philippines Managing Director, Nakhyun Seong, expressed his excitement, emphasizing how the XBOOM movement is designed to revolutionize the way we experience music.
“In perfect harmony with the LG XBOOM, we’ve partnered with the legendary hit ‘Boom Boom Pow’ by the Black Eyed Peas. This iconic track isn’t just a song—it’s a movement. It’s about breaking boundaries, pushing limits, and immersing ourselves in the pure joy of the moment. This philosophy of living boldly and fully is at the core of what LG XBOOM represents.,” he said.
Mildred Bugay, Product Manager for Audio, detailed the features of the LG XBOOM XL9T and LG XBOOM Go speakers, highlighting their advanced sound technology.
“The Dynamic Bass Optimizer in the LG XBOOM XL9T delivers punchy bass while maintaining balanced sound even at low volumes. LG XBOOM Go is a portable party speaker that is perfectly designed for outdoors that you can bring wherever you go. ” she explained. The event demonstrated how LG XBOOM speakers are designed for exceptional usability and convenience.
The LG XBOOM XL9T is a powerhouse in portable sound, featuring two 8-inch giant woofers for deep, bold bass and 3-inch tweeters for crisp highs. Its dynamic lighting includes unique ring lights around the woofers, pixel LED animations, and multi-color effects that sync with the music. The XL9T also offers karaoke functionality and guitar inputs for live performances, and its handle and wheels make it easy to transport. With an IPX4 rating, it withstands water splashes, making it ideal for poolside gatherings.
The LG XBOOM Go is designed for outdoor adventures with remarkable sound and deep bass. The new track-type woofers of XG7Q and XG5Q, produce stunningly loud and clear audio. Its bass enhancement algorithm ensures that every note is heard and felt, even at low volumes. It displays dynamic lighting with up to 16 million colors that sync with the music for an immersive experience. The XG7Q has a 30W output that offers up to 24 hours of playback, while the XG5Q has a 20W output that provides playback up to 18 hours.
The LG XBOOM XG2T, known as “mighty in mini,” delivers powerful sound from its compact design for up to 10 hours. It features a unique string structure for secure attachment and has passed seven US military durability tests.
With IP67 rating, the LG XBOOM Go is designed to withstand both water and dust, ensuring the music keeps playing no matter the environment.
The event also featured a dynamic performance from VXON, a rising P-pop group known for their energetic stage presence. VXON thrilled the audience with a global collaboration rendition of “Boom Boom Pow” by the Black Eyed Peas, and their original hits “Saksak Sa Puso” and “Sandal.”
The group also shared their excitement for music, with VXON stating “Music is truly a universal language, and we’re really happy with this opportunity to connect with all of you through our performances this afternoon.”
In closing, Yongwoo Park, LG Philippines Product Director for Home Entertainment, emphasized LG’s belief on pushing the limits of innovation that redefines sound quality and enhances the way we experience music in our daily lives.
“The LG XBOOM isn’t just a speaker—it’s your go-to for transforming any gathering, adventure, or chill day at home with amazing sound and smart features. LG XBOOM will be your perfect partner in elevating the mood with powerful sound and features.”
Life’s Good with the new lineup of LG XBOOM Speakers that are now available at special introductory prices:
LG XBOOM XL9T (₱ 44,990.00 SRP) – ₱ 35,990.00
LG XBOOM Go Series:
LG XBOOM XG7Q (₱ 9,490.00 SRP) – ₱ 6,990.00
LG XBOOM XG5Q (₱ 7,490.00 SRP) – ₱ 5,490.00
LG XBOOM XG2T (₱ 3,490.00 SRP) – ₱ 2,490.00
Life’s about more than having the latest technology; it’s about the experiences technology creates that impact our lives. LG Electronics Philippines delivers top-of-the-line home entertainment appliances that prepare Filipinos for their greatest moments. LG promises to bring “Innovation for a Better Life” nationwide—across Luzon, Visayas, and Mindanao. For more information, visit and follow their social media channels on Facebook, Instagram, Tiktok and Youtube (@lgphilippines).
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