Report also reveals electronic billing capabilities are expanding
Flexible options have become table stakes for voluntary carriers to successfully compete in the worksite benefits market, according to Eastbridge’s new Voluntary Billing Practices Spotlight™ Report.
The report shows voluntary carriers across the board offer their employer customers multiple billing methods, frequencies and payment options. Most carriers also offer a choice of payment methods to employee customers who are paying for their voluntary coverage directly rather than through payroll deduction, primarily for ported coverage.
The Voluntary Billing Practices Spotlight™ Report uses survey data from 31 voluntary carriers to examine and compare key billing practices such as employer billing services and options, processes for late payments and resolving discrepancies, employee-direct billing services and more.
“Back-end administration — especially the quality and reliability of billing processes —has become just as important to customers as a broad product portfolio and strong enrollment capabilities,” said Ginger Bates, Eastbridge director of research. “Carriers that want to stay competitive need to be able to successfully integrate rapidly evolving billing technology into their processes and systems.”
Other key findings in the report include:
Voluntary Billing Practices, a Spotlight™ Report
About Eastbridge Consulting Group — is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn.