AdminaHealth, an insurtech offering a premium billing SaaS platform for the healthcare, employee benefits, and insurance industries, released the results of their Future of Premium Billing: 2020 and Beyond Survey this week. The survey pointed to key indicators outlining the need for technology that can streamline the currently manual, time-intensive processes involved with employee benefit billing administration.
Responses were collected throughout March and April of 2020. The participants included agents, brokers, carriers, TPAs, Captive Managers, Associations, and technology firms. Questions were targeted to those on the front line and most in need of operational efficiencies including hundreds of industry executives involved in billing operations, benefit consulting, HR operations, enrollment and benefit administration, sales, and technology.
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The key findings concluded that:
- For small to medium-sized organizations, the three major risk areas resulting from manually intensive premium billing environments are Client Dissatisfaction, Loss of Coverage, and Premium Leakage.
- 68% of respondents suggest increased automation replacing spreadsheets in key areas such as billing reconciliation.
- Across all market segments, the expansion of voluntary benefits and worksite programs have increased the need for automated billing reconciliation.
- Across all market segments, automated B2B payment management for carrier payments and B2C Direct Bill portals for employee premium collection will see increased adoption.
Lastly, the enhancements with API and other technologies position billing to be an important integration point between enrollment, benefit administration firms, and the respective carriers. These enhancements can enable automation, improve data quality and eliminate spreadsheets, and optimize overall processing efficiency.
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