Billing Practices of Voluntary Carriers

Cost: $2,500; published 2016

Excellence in the administration of voluntary products is imperative for any carrier’s credibility in the marketplace. Great products and enrollment capabilities are also important for helping to make the sale on the front end. In order to keep the business, however, the broker and employer must have confidence in the carrier’s administration, service and billing capabilities. Quality and reliability in all these areas are essential to creating and growing market share.

The purpose of the Billing Practices of Voluntary Carriers SpotlightTM Report is to provide information, by carrier, on key billing practices including:

  • Billing and payment options
  • Standard billing modes
  • Processes for billing changes, late payments and discrepancies
  • Single/consolidated billing capabilities
  • Time standards for billing
  • Future trends

With this information, carriers have a better source for comparing their own billing practices with the competition and planning for the future based on the trends and expectations expressed by those surveyed.

View Table of Contents

1. Executive Summary

A. Report Objectives

B. Methodology

C. Key Findings

D. Recommendations

2. Detailed Carrier Findings

A. Carrier Information

1. Organization of Administrative Functions

2. Separate Voluntary Administration/Operations Area

3. Current Administrative Platform/System

4. Single or Multiple Administrative Systems

5. Individual Records

B. Billing Services & Processes

1. Mandated Group Size by Bill Type

2. Self-Administered Billing

3. Billing to Advance/Arrears

4. Matching Billing and Payroll Cycles

5. Standard Billing Modes

6. Communication to Employer of Payroll Deductions

7. Bill Organization

8. Multiple Frequencies

9. Pre-Tax Product Billing

10. Data Provided on Bill

11. Bill Due Dates

12. Bill Delivery

13. Forms of Payment

14. Premium Discrepancy Processes

15. Changes to Invoice

16. Time Standards for Changes

17. Billing for Pending Applications

18. Payroll or Census File-Feed Usage

19. Single/Consolidated Billing

20. Third-Party Billing

21. Informing Employer/Employees of Billing Changes

22. Notification for Stopping/Restarting Employee Deduction

23. Process for Late Payment

24. Account Lapse Process

C. Future Trends

1. Use of Existing Benefit Administration Systems for Voluntary

2. Future Service and Billing Trends

 

 


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