ice billing best practices final - insurance collections
TRANSCRIPT
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Billing Best Practices
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
Kim MortonProduct Marketing, Guidewire
Martina ConlonPrincipal, Novarica
May 10, 2011
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Agenda
• Presenter Introductions
• ICE Anti-Trust Policy
• Billing Best Practices
• Open Q&A
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
• Open Q&A
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Presenters
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Martina ConlonNovarica• Principal in Novarica's insurance practice
focused on the P&C and healthcare markets
• Author of market leading reports on agent portals, business intelligence, business process outsourcing and IT
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
business process outsourcing and IT staffing strategies
• Served as Director of Enterprise Technology for Arbella Insuranceprior to Novarica
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Kim MortonGuidewire • BillingCenter Product Marketing
Manager
• 2.5 years with Guidewire
• Supported several BillingCenter sales cycles and engagements
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
• 10 years—P&C Insurance experience
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Ken GodfreyICE• ICE Executive Director
• 35 years industry experience
• Prior to ICE, Ken was Vice-President, Processing centers (commercial and national accounts billing functions, premium audit and operations)
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
premium audit and operations)at Fireman’s Fund
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ICE ANTI-TRUST POLICY
All participants should duly note that a copy of the ICE ANTI-TRUST POLICY has been given to you. The statement reminds us that the policy restricts decision-making and discussion. These restrictions are designed to prevent even so much as an appearance of impropriety. The policy
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
as an appearance of impropriety. The policy statement should guide us in all our discussions.
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Billing Best Practices Themes
• Customer Service
• Operational Efficiency
• Business Agility
• Cash Management
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• Cash Management
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❶ Customer Service Alignment
•Align billing customer service to match customer demands
•Align billing strategy tosupport customer needs
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❷ Marketing Messages on Invoices
• Build your brand
• Expand your footprint
• Leverage billing asa marketing tool
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a marketing tool
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❸ Account-Level Billing
• Provide multiple policieson single invoice
• Improve customer satisfaction
• Reduce processing costs
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• Reduce processing costs
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❹ Payment Method Optionsand Automatic Payment
• Support as many options as possible for down-payment and installments
• Improve customer satisfaction
• Reduce delinquencies—
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• Reduce delinquencies—get your money faster
• Improve cash management
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Billing Best Practices Themes
• Customer Service
• Operational Efficiency
• Business Agility
• Cash Management
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
• Cash Management
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❺ Consolidate Billing
• Provide all of the billing information in one place
• Gain process efficiencies
• Reduce operational costs
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Billing System
A
Billing System
B
Consolidated Billing System
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❻ Paperless and Electronic Billing
• Reduce processing costswith opt-out default
• Leverage text and SMS
• Improve customer
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Improve customer satisfaction
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Billing Best Practices Themes
• Customer Service
• Operational Efficiency
• Business Agility
• Cash Management
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
• Cash Management
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❼ Billing Flexibility
• Invoice customers the way they want to be billed
•Win in the marketsyou want to serve
• Improve customer
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• Improve customer retention
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❽ Data Security
• Provide customers and agents accessto system via portals
• Protect sensitive data
• Improve customer and agent satisfaction
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agent satisfaction
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❾ Automated Workflow and Rules
• Automate the billing lifecycle
• Enable process improvements
• Gain process efficiencies
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Billing Best Practices Themes
• Customer Service
• Operational Efficiency
• Business Agility
• Cash Management
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
• Cash Management
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❿ Equity-Based Billing
• Equity-based billing and delinquency workflows
• Reduce uncollected earned premium
• Improve cash flow
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⓫ Commissions Calculationsand Payments
• Calculate commissions and incentives in billing system
•Align commission payments to premium payments
• Suspend commissions
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• Suspend commissions on delinquent policies
• Improve cash management
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⓬ Continuous Billing
• Limit renewal down-payments
•Automatically convert to an evenly-billed installment plan
• Improve cash flow and customer retention rate
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customer retention rate
RENEWAL
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These Best Practices Will Help You…
Improve Customer Retention
Gain Operational Efficiencies
© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.
Win in the Markets You Want to Serve
Improve Cash Management
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