I have to start byasking: What's so difficult about group billing?

That's a big question. In this article I'd like to discuss howand why billing — and in particular, group billing — is anoverlooked opportunity for creating efficiencies atcarriers. There's a vast difference in how up-to-date andrelevant insurance company billing systems are for group benefitsversus individual insurance. Simply stated, group billing is waybehind where it should be.

It's true that billing is the ignored stepchild compared to thegolden child of policy administration. Let's be real, billing isjust not as sexy as writing new business. Carriers are focused ongetting new business in the door; they aren't necessarily thinkingof the intricacies of billing clients down the line. However,agents have a lot at stake when it comes to downstream billing andclaims, as this can impact commissions and bonuses related toclaims ratios. So in terms of overall agent engagement andsatisfaction, it's a critical application. Without accurate andtimely billing, insurers and agents don't get paid and customercommunication falls off. So the fact that billing has become kindof an afterthought in many insurance companies' automation isreally a missed opportunity to provide a superior level of serviceto agents and their large government or corporate customers.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.