Billing as a service

The Self Administered Bill (SAB) process is a highly labor intensive and error prone process in part due to an unstructured and unstandardized framework for Employers to submit their billing invoices.

  • Fragmented census data requires manually intensive scrubbing and validation by billing reps
  • Even when readily verifiable, the support must be modified to fit cleanly into HIG billing/revenue systems
  • Manual processes (for both customer and carrier) are error prone, inefficient, and costly.

  • 30%-50% of billing transactions require customer outreach.
  • Delays in reconciling and posting premium creates increased suspense balances which require additional time and effort to clear.
  • Delayed premium posting delays commission payments to brokers

  • LTD can be a problem area. Customer remittance based on benefit volume rather than the required salary volume can create ongoing underpayments of 40% or more.

  • Premium leakage (estimated in the 3-5% range) is difficult to identify and track, impacting loss ratios, pricing and profits.

  • The lack of a transparent, data-rich billing process limits the ability to provide support to other functional areas
  • Improved claim eligibility files
  • Accurate data for renewal underwriting
  • Accurate data for actuarial pricing analysis

Solution

Billing as a service

 

  • Upload census in ANY supported format to standardize and validate Billing Data
  • Transparent view of the bill with division, product, and eligibility delineations
  • Auto update billing data in multiple systems to apply cash and reconcile
  • Make online payment and easily complete the monthly billing process
  • Access to ER data such as premium calculation results in faster issue resolution
  • Perform multiple and layered validations to maximize accuracy to the extent the data allows
  • Identify unusual billing patterns ad potential leakage alerted by robust data analytics
  • Enable partial or full audits quickly and easily based on the data received.

Features/Benefits

Billing.AI is a semi-automatic Group Benefits billing reconciliation solution that helps carriers:

Reduce cost
Reduce cost of operations by 35% - 40%
Lower manual touch
Lower manual touch through automation by 30% and
Identifies
Identifies premium leakage by 20% - 30%
Improves carrier and employer
Improves carrier and employer experience and eliminates non-value add activities

Platform Features

Fast and efficient billing
Fast and efficient billing set-up of new employers using scripts or UI journey
Real time
Real-time changes in employer plan designs and processing rules
Invoice
Invoice generation in few minutes
Built
Built-in reconciliation whilst processing input data
End user real time configuration
End-user real-time configuration-based platform which does not require writing …