Administrative and Billing Practices of Voluntary Carriers
Today’s voluntary carriers must deliver the service performance their producers and other customers expect. Yet, at the same time, they need to reduce costs to keep their prices competitive—not an easy task!
The Administrative and Billing Practices of Voluntary Carriers study is designed to help carriers achieve excellence in the areas of billing, policyowner service (both plan administrators and employees), policy issue, and outsourcing. Specifically, the report takes a close look at the administrative and billing practices of 24 voluntary carriers including:
- Time standards for policy issue
- Policy forms production and distribution
- Billing options/modes
- Process for handling late payments/lapses
- Call center services
- E-mail/online services
- Claims filing
- Conservation process
- Administrative outsourcing
The data is designed to help insurance carriers better understand how their service and billing practices compare to competitors and highlight any improvements needed.
The cost of the report is $3,000. To purchase the report, call us at (860) 676-9633 or email info@eastbridge.com.
Table of Contents
1. Executive Summary
A. Report Objectives
B. Participants
C. Key Findings
D. Recommendations
E. Methodology
2. Detailed Findings
A. Carrier Data
1. Voluntary Products
2. Worksite Sales/Inforce Premium as Percent of Total
3. Organization of Administrative Functions
4. Separate Worksite Administration/Operations Area
5. Administrative Platform/Systems
6. Individual Records
B. Policy Issue
1. Policy Forms
2. Time Standards for Issue
3. Coverage Increases/Decreases
4. Policy Delivery
C. Billing Services/Processes
1. Billing Options
2. Self-Administered Billing
3. Billing to Advance/Arrears
4. Billing/Payroll Cycles
5. Standard Billing Modes
6. Informing Employer of Payroll Deductions
7. Bill Organization
8. Multiple Frequencies
9. Pre-Tax Billing
10. Data on Bill
11. Bill Due Dates
12. Bill Delivery
13. Action Taken When Initial Deduction Delayed
14. Forms of Payment
15. Process for Handling Premium Discre
16. Changes to Invoice
17. Time Standards for Changes
18. Billing for Pending Apps
19. Single Billing/Consolidated Billing
20. Third-Party Billing
21. Informing Employer/Employees of Billing Changes
22. Process for Late Payment
23. Process for Handling Lapses
24. Billing Account Managers/Client Managers
D. Policyowner Services
1. Call Center
2. Phone Requests for Policy Loans/Surrenders
3. E-mail Services
4. Online Capabilities for Plan Administrators
5. Online Capabilities for Employees
6. Bilingual Policyowner Services
7. Claims Filing Process
8. Claims Time Standards
9. Pre-Paying Claims
10. Conservation Process
E. Outsourcing
1. Outsourcing of Operational Processes or Services
2. Reasons for Outsourcings
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