ICE Billing Best Practices FINAL - Insurance Collections

Billing Best Practices

© Guidewire Software, Inc. All rights reserved. Do not distribute without permission.

Kim MortonProduct Marketing, Guidewire

Martina ConlonPrincipal, Novarica

May 10, 2011

1

Agenda

• Presenter Introductions

• ICE Anti-Trust Policy

• Billing Best Practices

• Open Q&A


• Open Q&A

Presenters

3

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


business process outsourcing and IT staffing strategies

• Served as Director of Enterprise Technology for Arbella Insuranceprior to Novarica

• [email protected]

4

Kim MortonGuidewire • BillingCenter Product Marketing

Manager

• 2.5 years with Guidewire

• Supported several BillingCenter sales cycles and engagements


• 10 years—P&C Insurance experience


5

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)


premium audit and operations)at Fireman’s Fund


6

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


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


• 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


a marketing tool

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❸ Account-Level Billing

• Provide multiple policieson single invoice

• Improve customer satisfaction

• Reduce processing costs


• 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—


• Reduce delinquencies—get your money faster

• Improve cash management

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• Cash Management


• Cash Management

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❺ Consolidate Billing

• Provide all of the billing information in one place

• Gain process efficiencies

• Reduce operational costs


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


Improve customer satisfaction

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• Cash Management


• 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


• 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


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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• Cash Management


• 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


• 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


customer retention rate

RENEWAL

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These Best Practices Will Help You…

Improve Customer Retention

Gain Operational Efficiencies


Win in the Markets You Want to Serve

Improve Cash Management

Thank you

Kimberly [email protected]@guidewire.com

518.330.3262

Documents

ICE Billing Best Practices FINAL - Insurance Collections