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a Dedicated SolutionFirst, you will want to veer away from doing your billing and revenue management on a monolithic or outdated legacy system.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
SEA 2023: Cybercriminals clog business networks with financial phishing
6:36 p.m. March 18, 2024
In 2023, Kaspersky anti-phishing technologies detected nearly 500,000 attempts to follow a phishing link on businesses’ devices in Southeast Asia (SEA). Interestingly, this number only refers to phishing links related to finance matters – e-commerce, banking, and payment systems.
Phishing persuades users to take action which gives a scammer access to your device, accounts, or personal information. By pretending to be a person or organization the users trust, they can more easily infect the victim with malware or steal their information.
These social engineering schemes “bait” with trust to get valuable information. This could be anything from a social media login, to your entire identity via your social security number. These schemes may urge the user to open an attachment, follow a link, fill out a form, or reply with personal information.
“Financial phishing” is a type of phishing which refers to fraudulent resources related to banking, payment systems and digital shops. Payment system phishing includes pages impersonating well-known payment brands.
From January to December last year, Kaspersky solutions detected and blocked a total of 455,708 financial phishing attempts targeting companies of various sizes in the region. The statistics reflect clicks on phishing links placed in various communication channels, including emails, fraudulent web sites, messengers, social media, etc.
“Phishing is a trusted technique for cybercriminals when it comes to infiltrating business networks because they usually work. The rise of generative AI helps cybercriminals to make phishing messages or scam resources more convincing. As a result, it becomes challenging for people to distinguish between a scam and a legitimate communication. That’s why the role of robust security solutions increases,” comments Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.
The Philippines logged the highest number of financial phishing at 163,279 attempts in 2023, followed by Malaysia with 124,105. Indonesia chalked up 97,465 incidents while Vietnam experienced 36,130 phishing attacks related to financial matters. Thailand and Singapore registered the least number of this threat at 25,227 and 9,502 respectively.
“Cybercriminals employ various tactics, including financial-related phishing, to deceive employees and trick them into falling victim to an attack Our recent study showed employee security violations can be as damaging as external hacking for companies in Asia Pacific which means the human factor continues to play a role in making businesses vulnerable. Tools to help safeguard against human error are a vital step forward, but they can’t exclude employee education, skills development, and overall strengthening of the company’s ability to detect and respond to cyberattacks,” adds Yeo.
To help companies protect their systems against the damages of a successful phishing attack, Kaspersky experts recommend:
- To advance decision-makers’ understanding of the importance of cybersecurity and how best to distribute budgets to stay ahead of threats, engage them with Kaspersky Interactive Protection Simulation for enhanced C-level professional education.
- Consider experts’ help. For example, Kaspersky Assessments family of professional services identifies security gaps in your system’s configuration, and the Security Architecture Design helps create an IT security infrastructure that’s a perfect fit for a particular company. Every step of implementation is grounded in real security needs, giving decision-makers convincing arguments to allocate budgets.
- Install and use enterprise security solutions with anti-phishing software: The Advanced Anomaly Control feature within Kaspersky Endpoint Security for Business Advanced, Kaspersky Total Security for Business and Kaspersky Endpoint Detection and Response Optimum help prevent potentially dangerous activities that are ‘out of the norm’, both undertaken by the user and initiated by the attacker who has already seized control of the system.
TECHNOLOGY
Revolutionizing social networking: Rili, groundbreaking AI-powered platform
6:11 p.m. March 9, 2024
Rili.ai officially launches its AI-powered app to redefine how individuals connect, interact, create, and communicate in the digital age. Thanks to voice cloning and lip-syncing, anyone can create their own digital twin (Rili) and interact with anyone, anytime, and anywhere.
Users can cultivate their digital twin, training it with content in over 100 languages to break down communication barriers and foster worldwide friendships. Whether you’re looking to expand your knowledge, gain insights and information from other individuals, or delve deeper into meaningful conversations with other users, Rili.ai is the app to do so effortlessly.
To train Rili, users can share knowledge and information through chat (written messages or voice audios) or by speaking into a microphone. Moreover, it is possible to integrate the digital print of anyone into Rili profiles with their existing accounts on platforms such as Twitch, X, and YouTube. Leveraging this integration, Rili.ai gathers personalized information from users’ public profiles on these platforms, ensuring a tailored experience based on their interests and preferences.
Features for Enhanced Social Engagement
The app offers various features designed to enhance users’ digital interactions. The explore feature allows users to effortlessly search for their favorite Rili users and discover others who share similar interests and preferences, fostering meaningful connections in a virtual community. With profile customization, users can tailor their Rili to reflect their unique personality and interests. The chat functionality allows users to initiate conversations with other “Rilis” and review their past chats, promoting seamless interaction and boosting engagement. Other features include creating favorite Rili lists, scoring conversations, adding likes to conversations or phrases, and sharing messages with anyone through different channels.
Through Rili, users have the unique ability to deeply connect with others, gaining valuable insights and understanding into their perspectives, experiences, and expertise. Rili.ai facilitates meaningful connections that transcend geographical boundaries and time constraints. With its advanced capabilities, Rili.ai offers an app for preserving digital heritage, allowing users to capture and preserve their memories, stories, and experiences for future generations.
“Rili is the new generation of social media platforms. Powered by AI and using the most relevant state-of-the-art technologies, its development will be a turning point for the history of communication. The creation of digital twins will give the opportunity to the society to expand their knowledge, connections and share of voice beyond boundaries”, highlighted Antonio Camacho, Rili Co-founder. “Rili’s mission is to fight against isolation, allowing people to connect with others you would not be able to reach”.
Join Rili’s white list
The Rili alpha version is already live for anyone interested in joining the community. You can sign up for the white list and will be notified once you have access to create your own Rili. The app is available for iOS and Android.
Revolutionizing Social Networking: Introducing Rili, the Groundbreaking AI-Powered Platform for Sharing and Expanding Your Legacy
Rili.ai officially launches its AI-powered app to redefine how individuals connect, interact, create, and communicate in the digital age. Thanks to voice cloning and lip-syncing, anyone can create their own digital twin (Rili) and interact with anyone, anytime, and anywhere.
Users can cultivate their digital twin, training it with content in over 100 languages to break down communication barriers and foster worldwide friendships. Whether you’re looking to expand your knowledge, gain insights and information from other individuals, or delve deeper into meaningful conversations with other users, Rili.ai is the app to do so effortlessly.
To train Rili, users can share knowledge and information through chat (written messages or voice audios) or by speaking into a microphone. Moreover, it is possible to integrate the digital print of anyone into Rili profiles with their existing accounts on platforms such as Twitch, X, and YouTube. Leveraging this integration, Rili.ai gathers personalized information from users’ public profiles on these platforms, ensuring a tailored experience based on their interests and preferences.
Features for Enhanced Social Engagement
The app offers various features designed to enhance users’ digital interactions. The explore feature allows users to effortlessly search for their favorite Rili users and discover others who share similar interests and preferences, fostering meaningful connections in a virtual community. With profile customization, users can tailor their Rili to reflect their unique personality and interests. The chat functionality allows users to initiate conversations with other “Rilis” and review their past chats, promoting seamless interaction and boosting engagement. Other features include creating favorite Rili lists, scoring conversations, adding likes to conversations or phrases, and sharing messages with anyone through different channels.
Through Rili, users have the unique ability to deeply connect with others, gaining valuable insights and understanding into their perspectives, experiences, and expertise. Rili.ai facilitates meaningful connections that transcend geographical boundaries and time constraints. With its advanced capabilities, Rili.ai offers an app for preserving digital heritage, allowing users to capture and preserve their memories, stories, and experiences for future generations.
“Rili is the new generation of social media platforms. Powered by AI and using the most relevant state-of-the-art technologies, its development will be a turning point for the history of communication. The creation of digital twins will give the opportunity to the society to expand their knowledge, connections and share of voice beyond boundaries”, highlighted Antonio Camacho, Rili Co-founder. “Rili’s mission is to fight against isolation, allowing people to connect with others you would not be able to reach”.
Join Rili’s white list
The Rili alpha version is already live for anyone interested in joining the community. You can sign up for the white list and will be notified once you have access to create your own Rili. The app is available for iOS and Android.
TECHNOLOGY
The lightest smartphone with massive 6000mAh battery HONOR X7b coming to PH on March 9
4:34 p.m. March 7, 2024
HONOR Philippines never stops! After the successful launches of HONOR X9b 5G, HONOR Magic V2, and HONOR X8b, the leading global smart devices provider is expected to launch the HONOR X7b in the Philippines on March 9!
“We, at HONOR, believe that technology is very inclusive, there is technology that caters to even the most unique requirement there is. We had HONOR X9b 5G that is ultra tough that can withstand harsh drops. HONOR X8b was recently introduced with a massive storage and great camera quality for those who value design and photography. Now, we are welcoming a new addition to our X Series, the HONOR X7b,” said HONOR Philippines Vice President Stephen Cheng.
Welcoming the HONOR X7b
HONOR X7b is the latest addition to HONOR’s X Series line-up, offering consumers a reliable, well-rounded device available to consumers at an affordable price. Delivering upgrades in hardware performance, battery performance, and photography capabilities, the new device promises an exceptional, uninterrupted user experience.
Equipped with a 6,000mAh ultra-large battery, the HONOR X7b delivers the best battery life among all HONOR X Series smartphones to date. It can support various activities for up to 3 days on a single charge, making it a reliable companion for users on the go. Thanks to HONOR’s innovative battery technologies, the HONOR X7b is the thinnest and lightest smartphone with a 6000mAh battery. The device’s battery maintains over 80% of its health even after three years of usage, ensuring exceptional longevity and reducing the need for constant recharging.
The HONOR X7b boasts a 108MP Main Camera with a 1/1.67-inch sensor. To enable the camera to capture bright and vivid shots even in challenging low-light conditions, the HONOR X7b supports 9-in-1 pixel binning, achieving a pixel size measuring 1.92µm that ensures night colors are faithfully reproduced in images.
For more information and announcements, you may visit HONOR’s website www.hihonor.com or 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/.
In the meantime, check out HONOR’s wide array of mobile phones, tablets, and laptops at any HONOR Experience and Partner Stores nationwide or online via Shopee (https://bit.ly/HONORPHShopee), Lazada (https://bit.ly/HONORPHLaz) and TikTok Shop (https://bit.ly/HONORTikTokShop)
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