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a Dedicated SolutionFirst, you will want to veer away from doing your billing and revenue management on a monolithic or outdated legacy system.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.
HONOR is launching world’s thinnest foldable phone in PH
January 6, 2024 1:00 a.m.
Leading smart devices provider HONOR Philippines has yet again teased its fans with what seemed to be the launch of its much-anticipated foldable smartphone of the year.
It was just recently that the tech giant released its newest viral smartphone HONOR X9b 5G. While its reign is far from over, HONOR Philippines is highly excited to introduce the world’s thinnest foldable smartphone in the market.
“HONOR fans asked for it and now, we’re finally bringing it! This is by far the most anticipated launch we have and we are very proud of it. What we’re unveiling in the coming weeks is the world’s thinnest foldable smartphone to date so tech enthusiasts and alike really have to watch for it,” said HONOR Phlippines Vice President Stephen Cheng.
As seen on its social media pages, HONOR Philippines hinted the launch of its first foldable smartphone in the Philippines. More updates will be shared in the coming days that HONOR fans should definitely monitor very closely!
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).
LG’s commitment to innovation recognized with numerous awards at CES 2024
January 29, 2024 6:35 p.m.
LG Continues Long-Standing History of Honors at World’s Preeminent Consumer Technology Show With More Than 200 Awards & Accolades
At this year’s CES®, LG Electronics (LG) was honored with more than 200 awards and recognitions for a wide range of innovations and technologies across the home appliance, home entertainment and B2B categories.
The LG SIGNATURE OLED T – the world’s first 4K wireless transparent TV – led the way with countless honors as the Best TV or Best in Show from a wide range of press outlets.
With LG’s reputation as the global leader in OLED technology – the company continues to assert its dominance at CES, taking home the industry’s top awards and honors for its latest OLED TV lineup including the aforementioned LG SIGNATURE OLED T and the LG OLED evo M4, G4 and C4 TVs. Utilizing the wireless technology introduced in last year’s M3 TV, LG’s 77-inch LG SIGNATURE OLED T is considered the next step in the evolution of OLED TV technology and was honored by major tech publications including CNET, Digital Trends, TechRadar, Tom’s Guide, Forbes, The Verge, Wirecutter, PCMag and Mashable.
The LG OLED evo series featuring a new 144Hz refresh rate and LG’s Alpha 11 AI processor was also applauded by CNET, TechRadar Pro, PCGamer and BGR. Additionally, Digital Trends highlighted the LG UltraGear OLED gaming monitor 32GS95UE in its lineup of best monitors seen at CES 2024 noting its one-of-a-kind ability to toggle between 4K at 240Hz and FHD at 480Hz with the press of a button.
LG also garnered accolades from top publications such as USA Today and Tom’s Guide for its new LG Wash Combo™ All-In-One with Heatpump™ Technology. Marking LG’s commitment to a greener world – the new Wash Combo uses 60 percent less energy than a vented model.1 The cutting-edge home appliance was widely recognized for its compact ventless design and ability to complete a wash-and-dry cycle in under two hours.
Named as a winner of Reviewed’s Accessibility Awards for CES 2024 – LG’s Universal UP Kit – a collection of innovative home appliance accessories and add-ons embracing universal design has been crafted to enhance usability for individuals facing physical challenges. It was also recognized in Apartment Therapy’s Best Home Design Products from CES 2024.
From the Consumer Technology Association’s (CTA) CES Innovation Award program alone, LG won 34 CES Innovation Awards including two Best of Innovation Awards given to the LG 4K Transparent OLED T and the 83-inch 4K OLED Zero Connect TV (M4).
Highlights from LG’s over 200 awards and recognitions earned at CES 2024 include:
LG SIGNATURE OLED T (77-inch)
· CNET: Best TVs of CES 2024
· Digital Trends: Top Tech of CES 2024 Awards
· PCMag: The Biggest (and Coolest) TVs at CES 2024
· Engadget: Best of CES 2024
· Reviewed: The Reviewed Awards: CES 2024 – Home Theater
· TechRadar: Best Gadgets of CES 2024 – Best TV
· The New York Times: Wirecutter: Best of CES 2024
· Tom’s Guide: Best of CES 2024 Awards – Best Design
· The Verge: The Verge Awards at CES 2024 – Best in Show
· CNN Underscored: Best of CES 2024 – Best TV
· NBC News: Best of CES 2024
· Fox News: Top 10 Tech of CES 2024
· The Hollywood Reporter: Best of CES 2024 – Best OLED TV
· Variety: Best of CES 2024 – Best 4k TV
· Popular Science: Best New Gadgets and Tech from CES 2024
· Rolling Stone: Best of CES 2024
LG OLED TVs (M4, G4, C4 and B4)
· Tom’s Guide: Best TVs of CES 2024 – LG OLED evo G4
· Reviewed: The Reviewed Awards: CES 2024 – LG OLED evo G4
· TechRadar Pro: 2024 Pick Awards – LG OLED evo M4
· Tech Advisor: Best of CES 2024 – LG OLED B4
· Gear Patrol: Coolest TVs and Monitors Revealed at CES 2024 – LG OLED evo G4, C4, and OLED B4
LG QNED TVs
· Tom’s Guide: Best TVs of CES 2024 – LG 98 inch QNED TV
· Residential tech today : CES 2024 Reflections and Superlatives- LG 98 inch QNED TV
LG gram Pro Laptops
· Digital Trends: Best and Most Exciting Laptops at CES 2024 – LG gram Pro
· Inverse: Best Laptops Announced at CES 2024 – LG gram Pro 2-in-1
· Laptop Mag: Best of CES 2024 – Best 2-in-1: LG gram Pro 2-in-1
· Live Science: CES 2024: Best Laptops for Coding & Programmers – LG gram Pro 2-in-1
LG CineBeam Qube Projector
· PCMag: Best of CES 2024 – Best Projector
· WIRED: Best of CES 2024 – Best Home Theater
· Gizmodo: Best, Coolest, and Weirdest Gadgets at CES 2024
· Yanko Design: Best of CES 2024
LG UltraGear OLED Gaming Monitor
· Digital Trends: Best Monitors of CES 2024
· Inverse: Most Eye-Popping Gaming Monitors from CES 2024
· The Shortcut: The Shortcut CES 2024 Awards
· Windows Central: Best of CES 2024 – Best Gaming
LG Wash Combo™ All-In-One with Heatpump™ Technology
· Reviewed: The Reviewed Awards: CES 2024
· Tom’s Guide: Best Smart Home Gadgets of CES 2024 – Best Smart Appliance
· Tom’s Guide: Best of CES 2024 – Best Home Appliance
· Good Housekeeping: Coolest Gadgets at CES 202
LG Smart Home AI Agent
· Reviewed: CES 2024 – Top 9 New Gadgets You Need To See
· Mashable: The Best of CES 2024
· The Washington Post: The Best (and Strangest) Tech We Found at CES 2024
· T3: Best of CES 2024 Awards – T3’s Top Tech from This Year’s Show
For more information on LG’s CES 2024 awards and honors and additional information about LG’s products announced at CES, please visit LG Newsroom.
Life’s about more than having the latest technology, rather, it’s about the experiences technology creates that impact our lives. LG Electronics Philippines delivers consumer electronics through top-of-the-line home entertainment, home appliances, and air solution products that prepare Filipinos for their greatest moments. LG promises to bring “Innovation for a Better Life” nationwide – from Luzon, to Visayas, and Mindanao. For more details, follow LG Philippines on Facebook, Instagram, Youtube and Tiktok. LG products are available in all authorized dealers nationwide both in-store and online. Visit lg.com/ph for a complete list of our retail partners. You can also visit LG’s Official Flagship Stores in Lazada and Shopee.
GCash, Heart Evangelista collaborate
January 19, 2024 8:30 p.m.
GCash, the country’s leading finance super app, brings a powerful start to 2024 with the launch of its newest endorser — international fashion icon, Heart Evangelista-Escudero.
The unveiling of Heart as the new face of GCash was announced together with the release of the brand’s latest digital film, set to take over our feeds. The film not only showcases Heart’s exciting partnership with GCash, but also demonstrates how GCash has made its way into her heart, being her go-to super app for easy, safe & secure transactions, whether it be online, in-store, or even abroad.
Inspired by her travels and experiences, Heart shared her anecdotes of the moments GCash saved her in times of need –from receiving a sweet gift from her loved ones by using the app’s Send Money feature, to shopping online for cute trinkets for her dog, Panda. She even talked about how the ease of the Scan to Pay feature when it comes to simple things, like buying kwek-kwek when the craving strikes, and of course, who could forget her delighted reaction when she successfully used her GCash Card for the first time to pay for a coffee run in Paris!
“For me, GCash has been a game changer. You can use it for so many things, and literally EVERYWHERE! From my local cravings, shopping finds and even now that I’m getting ready to head out for Fashion Week season, there is no limit when I’ve got my GCash with me. Ang galing diba? ” – Heart Evangelista-Escudero
Much like Heart, there are so many new things to discover and love about GCash! Apart from being able to send and receive money for FREE, and get free vouchers and discounts when paying online, thanks to the GCash Card, its users can transact seamlessly in over 200 countries — with lower foreign exchange rates vs. competitors, it instantly became one of her travel essentials!
The different scenes showcased in the brand’s new film were inspired by the star’s day-to-day life. In fact, Heart was heavily involved in crafting the script, and dressing herself in some of her signature pieces from her personal wardrobe, some of which we’ve seen all over social media!
“In my Heart, GCash is the best way to pay”
Quoting Heart’s ending line in her newest film, GCash invites its users to enjoy the best things life has to offer in the most convenient and secure way possible.
“Heart was really the perfect, and easy, choice for us when it came to developing this campaign. She gave a mountain’s worth of ideas from the very first time we met her and the team was left inspired! Her attention to every detail was key for us to develop a material that was unique but also very personal to her. We loved the way she was able to share her personal experiences with us in highlighting how her GCash has made her transactions easier, not only in the Philippines but all over the globe. ” – Neil Trinidad, GCash Chief Marketing Officer
GCash, the country’s no. 1 finance super app continues its mission to empower Filipinos to move towards financial progress. Through this new collaboration between Heart and GCash, users can only expect more to come in 2024 as they continue to open doors to a brighter future for all Filipinos, so that they too can say that GCash is the best way to pay.
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