Billing Practices of Voluntary Carriers
Cost: $3,000; published 2024
As employers’ expectations for efficient and integrated administration continue to rise, billing is one of the key components of administration carriers must get right to win broker and employer business. Enrollment capabilities, quality products and competitive pricing are necessary but not enough to compete in today’s voluntary marketplace. Back-end administration — the quality and reliability of billing processes in particular — is just as important.
The Billing Practices of Voluntary Carriers Spotlight™ Report provides information by carrier on key billing practices, including:
- Billing and payment options
- Standard billing modes
- Processes for billing changes, late payments and discrepancies
- Single billing capabilities
- Self-administered billing practices and trends
- Employee direct billing services and processes
- Key challenges and future trends
Carriers can use this information to evaluate their own billing practices against competitors and plan future roadmaps based on best practices and evolving trends.
View Table of Contents
1. Executive Summary
A. Report Objectives
B. Methodology
C. Key Findings
D. Recommendations
2. Detailed Carrier Findings
A. Employer Billing Services
1. Billing in Advance/Arrears
2. Billing Frequencies
3. Electronic Deduction Files
4. Multiple Payroll Frequencies
5. Pre-Tax and Post-Tax Billing
B. Bill Types & Processes
1. Types of Billing Options
2. Details by Bill Type
3. Paper List Bill Delivery Date
4. Paper List Bill — Organization
5. Paper List Bill — Customization
6. Information on Paper List Bill
7. Paper List Bill — Changes to Invoice and Time Standards for Changes
8. Electronic List Bill — Employer Notification and Changes to Invoice
9. Web/Internet Bill — Employer Notification
10. Web/Internet Bill — Employer Access to Bill and Changes to Invoice
11. Electronic File Exchange — Employer Notification
12. Electronic File Exchange — Types of Files Accepted
13. Electronic File Exchange — Required Format and File Receipt Options /Preference
14. Self-Bill and True-Up Process
15. Self-Bill — Individual Records, Impact on Claims Process, Percentage of Accounts
C. Billing Processes and Requirements
1. Bill Requirements by Case Size
2. Bill Due Dates
3. Accepted Forms of Payment
4. Bill Requirements by Case Size
5. Bill Due Dates
6. Accepted Forms of Payment
7. Applying Premium at Account or Employee Level
8. Premium Discrepancy Process
9. Billing for Pending Applications
10. Single Bill
11. Third-Party Billing
12. Informing Employers of Rate Changes
13. Informing Employees of Premium Changes
14. Late Payment for Accounts
15. Payment of Claims When Account Invoice Not Paid
16. Nonpayment by Employee Process
17. Account Lapse Process
18. Employee Lapse Notification Process
D. Employee Direct Billing Services/Processes
1. Employee Direct Bill
2. Direct Bill Modes of Payment
3. Handling Transaction Fees
4. Challenges with Consumer Direct Billing
E. Trends
1. Challenges and Obstacles
2. Key Voluntary Billing Trends
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Spotlight™ Report Index
For more information, please contact us at [email protected] or (860) 676-9633.