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a Dedicated SolutionFirst, you will want to veer away from doing your billing and revenue management on a monolithic or outdated legacy system.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
We checked what’s inside the HONOR X9c 5G and here’s why it’s the toughest phone of 2025
7:30 p.m. January 3, 2025
Leading smart devices provider HONOR Philippines has done it again with its viral and elevated durability challenge for the most awaited toughest phone of the year, the HONOR X9c 5G. To prove durability claims, HONOR has shared the secrets of how HONOR X9c 5G became highly durable.
“HONOR X9c 5G has an All-Angle Triple Defense now. It is not just drop-resistant anymore where HONOR X9a and X9b 5G were known for. It is now water and heat-resistant that made this smartphone the toughest phone to hit the market yet,” said HONOR Philippines Vice President Stephen Cheng.
What’s behind HONOR X9c 5G’s Ultra-Toughness
- Back-to-back Super Double Tempered Glass – Not only does the screen use this top-of-the-line tempered class, but the camera module also uses the same material. This glass is more durable than others making it more drop-resistant and scratch-resistant. With this, HONOR X9c 5G now has 360-degree drop resistance for up to two meters in height. HONOR X9c 5G also has survived more than 10 surfaces drop test on marble, cobblestone, gravel, asphalt etc.
- Technical principle-under-screen shock-absorbing material – Simply put, the gap between the screen and the middle frame is filled with shock-absorbing materials to reduce the impact of the hard supporting objects of the middle frame on the screen.
- 3-layer Water-Resistant Structure – The first layer is an external leakage port protection for side key port, SPK hole, and card tray hole upgraded to LIM (Liquid Injection Molding) rubber ring. The second layer protection which is for interface has USB rubber sleeve adopting straight surface matching + double sealing ribs; the card holder pokes pinholes to control roughness; and the leakage is reduced. The third layer is for board level and software protection: BTB protection with added foam; waterproof detection + software protection
All this and more when you get the HONOR X9c 5G! Interested in knowing more about the toughest phone? Don’t dare miss its grand launch live on Facebook (https://bit.ly/X9cLaunch_PR) on January 10, 6PM!
For more information and exciting 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).
TECHNOLOGY
Capture life’s magic with vivo Y19s’ 50MP Night AI Camera
4:20 p.m. December 27, 2024
Step up your photography game with the vivo Y19s for as low as P6,499, the smartphone designed for those who live life in full color.
Equipped with a 50MP Night AI Camera and AI Photo Enhance, the vivo Y19s ensures that every shot is breathtaking, even at night!
Budget phone that revolutionizes night photography
The vivo Y19s redefines what a budget smartphone can achieve in low-light conditions. Its powerful 50MP Night AI Camera is engineered to capture crisp, vibrant, and detailed images, even in dim environments.
With advanced AI technology, it automatically optimizes your shots, making your photos vibrant and full of life any time of the day.
Even portrait shots look stunning! Check this out:
[Embed video here: https://www.tiktok.com/@vivo_philippines/video/7443407000601382200 ]
Effortless editing with AI Photo Enhance
Complementing its 50MP Night AI Camera, vivo Y19s also boasts AI Photo Enhance, a tool that optimizes images in one click by intelligently adjusting the exposure, colors, and sharpness of your photography to ensure an Instagram-ready photo!
Stylish colorways to match your flair
Beyond its camera, the vivo Y19s is built for seamless, all-day use. Whether you’re scrolling through social media, watching videos, or gaming with friends, this smartphone is made to keep up:
- Bright and Vibrant Display: The 6.68-inch screen with 1000 nits peak brightness ensures clear visuals, even under direct sunlight.
- Enduring Power: With a 5500mAh battery and 15W fast charging, the vivo Y19s powers your day from start to finish.
- Durable and Stylish Design: Choose from Pearl Silver, Glacier Blue, or Glossy Black and enjoy IP64 dust and water resistance – style and durability combined.
Get yours today
The vivo Y19s is available for as low as P6,499 with up to 8GB RAM and 256GB storage. Ready to make your memories even more stunning? Grab yours today at the vivo e-store, Shopee, or Lazada, or visit the nearest vivo physical store!
TECHNOLOGY
Zoom into the Powerful Camera Features of the OPPO Find X8
6:25 p.m. December 26, 2024
In today’s fast-paced world, capturing memories isn’t just a hobby, it’s a way to tell your story. Whether you’re sipping a latte at your favorite hidden café, enjoying a vibrant night out, or exploring scenic landscapes, the OPPO Find X8 ensures every moment is captured in stunning detail.
Hasselblad Master Camera System: Professional Quality in Your Pocket
At the heart of the OPPO Find X8 is the Hasselblad Master Camera System, a game-changer for mobile photography. Featuring three 50MP cameras—a wide-angle, ultra-wide, and telephoto lens—it allows you to capture everything from sweeping landscapes to intricate close-ups with outstanding quality.
The AI Telescope Zoom lets you snap crystal-clear images even at 120x, so you can immortalize those far-off moments.
Additionally, the periscope telephoto lens with 3x optical zoom and AI-enhanced 60x zoom brings distant subjects into sharp focus. Imagine capturing the perfect shot of your idol on stage—even from the nosebleed section of the concert hall.
Love taking portraits? The Hasselblad Portrait Mode recreates the iconic bokeh effect of Hasselblad’s legendary lenses. Whether it’s a candid shot during brunch or a golden-hour portrait at the park, your photos will radiate elegance and clarity.
Pro Tip: Elevate your portraits by playing with the lighting. With the OPPO Find X8’s intelligent subject detection, even low-light settings turn into your personal photo studio.
Lightning Snap: Perfect for Action Shots
Life doesn’t wait for the perfect moment, and neither should you.
With the OPPO Find X8’s Lightning Snap feature, you can freeze moving subjects, be it a bustling city street or your bestie dancing at a rooftop bar. The camera captures bursts at up to 7 frames per second, ensuring you never miss a beat.
Pro Tip: Hold down the shutter button while capturing motion. Later, select your favorite frame to showcase your creativity.
HyperTone Image Engine: True-to-Life Photos
The HyperTone Image Engine takes your photos to the next level by merging multiple frames into one breathtaking image. Vibrant colors, balanced lighting, and rich details make every shot gallery-worthy. Whether it’s the latte art on your cappuccino or a vibrant sunset, your photos will pop with lifelike beauty.
LivePhoto: Bring Moments to Life
Why settle for static photos when you can have dynamic ones? The LivePhoto feature captures both stills and short video clips, letting you relive moments exactly as they happened. It’s perfect for capturing a bustling market scene or the cheers during a celebration.
Make Every Night an Adventure
Night owls will love the OPPO Find X8’s low-light capabilities. Its advanced sensors and AI ensure noise-free, vibrant photos even in dim settings. Whether you’re capturing neon lights at your favorite bar or a starry night during a getaway, the results are nothing short of magical.
Make Memories That Last
Whether it’s a solo café session, or a night out with friends, or a weekend getaway, the OPPO Find X8 ensures every moment is picture-perfect. Its intelligent, user-friendly features make it the ideal tool for modern, on-the-go creatives.
The OPPO Find X8 is now available nationwide. It’s priced at PHP 54,999 and comes in two colorways – Space Black and Star Grey. Visit any authorized OPPO stores or shop in the OPPO’s official stores in Shopee, Lazada, and TikTok Shop to get your hands on this powerhouse device.
Celebrate Christmas the Maligayang PaskOPPO way
Are you a My OPPO App user? Register now to participate in the Maligayang PaskOPPO promo where over Php 500 million worth of gifts await Filipino shoppers until January 5, 2025 both online and in stores.
Download the My OPPO App or visit this link to know more or drop by your nearest OPPO stores nationwide to enjoy these exciting perks
To know more about the OPPO Find X8, Maligayang PaskOPPO Campaign, and the My OPPO App, visit OPPO Philippines’ official website at www.oppo.com.ph/ or OPPO Philippines’ official social media pages on Facebook, YouTube, and TikTok.
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