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a Dedicated SolutionFirst, you will want to veer away from doing your billing and revenue management on a monolithic or outdated legacy system.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.
Upgrade your entertainment experience at Great Samsung TV Sale
July 5, 2022 7:03 p.m.
Samsung’s biggest sale of the year is just around the corner, with up to 40% off on TV and Sound Device products.
Dubbed the Great Samsung TV Sale, the yearly event kicks off from July 11 to September 30, and will highlight an array of devices such as the 98” Neo QLED, the 55” Crystal UHD TV, and the Q-Soundbars with Dolby ATMOS.
Top-tier TV experience
Samsung has earned the Global #1 spot in the market for the past 16 years for its exceptional TV features upgrading one’s home entertainment experience.
The Crystal UHD TVs boasts an outstanding 4K picture quality in a sleek AirSlim Design frame.
It has a powerful 4K upscaling which ensures you get up to 4K resolution for the content you love.
The TV has smart features including built-in apps so you enjoy movies and shows from your favorite apps and Tap View to easily mirror your phone* to your TV with just a tap.
The 98” Neo QLED QN90A not only takes your viewing experience to the next level, but enhances your gaming experience, too.
Optimize your gameplay in real-time thanks to the built-in Game Bar, an on-screen menu that gives you easy access to screen ratio, input lag, connected device settings, and more.
With the TVs QLED Technology, you get no burn-in or image retention to and 100% color volume for a billion shades of color to ensure the best quality of display.
Plus with its massive 98” screen size enhanced with Samsung’s Quantum Mini LED Technology, which delivers exceptional blacks, next-level detail and superior brightness and contrast, so you never miss a beat in your next gaming session.
Complete your home entertainment system with the Q-Soundbar this Great Samsung TV Sale.
Built with Dolby Atmos technology, you get to experience 3D sound moving all around just like when you are inside a cinema. Samsung’s Q-Soundbars also come equipped with the Q-Symphony feature, letting you enjoy true immersive sound with audio playing from both a Samsung TV and Soundbar speakers.
So, what are you waiting for? Mark your calendars and get the best offers on the latest TV and Soundbar offerings from the Great Samsung TV Sale!
Visit www.samsung.com/ph for more details.
5G in PH rising, says connectivity insights provider Ookla
Fifth generation (5G) mobile networks are making significant advances in the Philippines, according to the global leader in network intelligence and connectivity insights provider, Ookla.
Most Philippine operators, according to a report by Ookla, launched 5G mobile networks in 2020 shortly after Thai operators did.
Smart, one of the major Philippine telecommunications service providers, launched 5G technology in June 2019 for fixed wireless units and launched the same for mobile subscribers in February 2020 in Metro Manila.
Globe, another major service provider in the Philippines launched 5G in July 2020, originally targeting subscribers in Metro Manila who had 5G-capable devices.
Both operators used spectrum in the 3,500 megahertz band, which is considered as the “sweet spot” in terms of 5G network capacity and coverage.
Ookla data showed that Smart recorded a median download speed of 200.43 mbps and 19.67 mbps upload speed in the first quarter of 2022. These were way ahead of Globe which registered median download speeds of 121.29 mbps and upload speeds of 9.93 mbps.
Availability of 5G nationwide, Ookla said, nearly doubled in just one year—from 9.4 percent coverage in the first quarter of 2021 to 18.1 percent in the first quarter of 2022.
“Part of this is related to the easing of right-of-way (ROW) rules,” said Ookla.
New ROW rules, enforced by the Department of Public Works and Highways in March 2021, lifted the ban on construction of critical infrastructure, particularly cell sites, along national roads.
Another reason for improvements in both 4G and 5G developments was the active involvement of the National Telecommunications Commission (NTC) in allowing more telcos to enter the playing field.
“A third player was introduced to the market to add competition, improve network performance and reduce prices in the market,” said Ookla in its report.
The way was paved for the entry of the third player by the NTC and Department of Information and Communications Technology which declared Dito (then Mislatel) as the new major telco player.
According to Ookla, the Philippines was not the only country to benefit from ROW reforms. India made the same move in October 2021, or eight months after the Philippines did.
In the Philippines, Smart reached 25.5 percent 5G coverage in the first quarter of 2022 Globe reached 15.3 percent coverage. Ookla attributed this to “spectrum deployment strategies” of each company.
Smart had 1.6 million connected 5G devices to its network in the first quarter of 2022, or more than triple its level—376,000—in the first quarter of 2021. Globe, by end of March 2022, had more than 2 million devices connected to 5G.
Ookla noted that plans of both telcos to further invest in 5G bodes well for the spread of the technology, which delivers faster connection to the internet.
Smart is investing up to P85 billion in 5G rollout nationwide which started in December 2021. Smart’s mobile data traffic grew 30 percent year-on-year to 1,010 petabytes while the number of 5G base stations rose to 7,300 in February 2022 from just 5,000 in 2020, corresponding to a 5G population of 66 percent.
Globe added 390 sites in just the first three months of 2022, extending 5G network reach to 95 percent of the National Capital Region and 85 percent of key cities in the Visayas and Mindanao.
Globe spent at least P92.8 billion to build 2,000 outdoor 5G sites and in-building solutions, 1,407 new cell sites and 1.4 million fiber lines.
Dito, the third Philippine telco, has partnered with hardware supplier Nokia to deploy 5G services in Mindanao in May 2021. In March 2022, this telco rolled out 5G home wi-fi services with 145 Metro Manila villages as pilot areas.
Villages in the cities of Manila, Caloocan and Quezon would be the first to benefit from 500 mbps of download speeds. Tests involving 5G in Caloocan showed download speeds of 512.66 mbps in the first quarter of this year.
Infinit Care powers mental health in workplace with technology
June 28, 2022 8:12 p.m.
Members of the media were gathered last June 24, to talk about workplace mental health and how Infinit Care is pioneering a tech-based solution that allows companies to support the mental wellbeing of employees.
Workplace Mental Health
Mental health issues are on the rise, especially among the working population and it’s severely affecting overall health and productivity.
The World Health Organization found that mental illness is prevalent in the Philippines. In fact, it is the third most common disability in the country. The National Center for Mental Health also recorded a 500% increase in monthly hotline calls due to depression during the pandemic.
Companies have tried to answer this plight by providing mental health support whether in-house or through a 3rd party provider.
However, a lot of the options in the market focus on delivering solutions that cater to those who are already in crisis and leave out a significant part of the population.
Studies also show that despite increases in stress and burnout, utilization for mental health benefits remain low due to the lack of access to proper mental health solutions and the persistent stigma around talking about mental health struggles.
A Pioneer in Mental Health Tech
Infinit Care partners with businesses and organizations to provide their employees and community with comprehensive mental health support.
“Our platform of care solutions are founded on The Mental Health Continuum which takes into account a wide range of mental health states so that every employee can receive customized support, no matter what they’re going through, wherever and however they need it,” explained Infinit Care Marketing Head, Paola Silva.
“Everyone needs different kinds of care at different times. We work with companies who care deeply about the mental wellbeing of their employees and understand that mental health is just as important as physical health. We help companies bring the best out of their people by providing personalized mental health support.” said Infinit Care’s Head of Clinical Care, Shyne Mangulabnan.
Infinit Care is the only provider in the Philippines that can provide multi-channel mental health support.
Available via web and mobile app (iOS and Android), Infinit Care can meet the varying needs of all employees.
Our suite of solutions include 24/7 chat support with real live Care Chat Coaches who commit to an average response time of 5 minutes, a team of qualified licensed counselors and coaches available for virtual counseling or coaching at your convenience, a library of mental health tools and content to meet the varying needs of your workforce, and mental health training and capacity building workshops for the leaders and entire organization.
For more information on Infinit Care, visit https://www.infinitcare.co