Self-Billing: How it Benefits Brokers, Carriers, and Employers
In the world of employee benefits, self-billing is an important process that should be on every broker and employer’s radar. While brokers often have a lot of items to bring to their clients, self-billing shouldn’t be overlooked in the process. In fact, self-billing is beneficial to more than just the employer – it’s actually a […]
What is an Invoice Discrepancy Identification Report?
Employee benefits billing solutions like VerifiaBill generate a report for employers called a “Discrepancy Identification Report,” which contains the results of a Benefits Reconciliation audit. This monthly audit compares an employer’s carrier invoice data to the enrollment data within their benadmin or payroll system, and the resulting discrepancy identification report displays all of the discrepancies […]
What is Employee Benefits Reconciliation?
What is employee benefits reconciliation? Employee benefits reconciliation, or premium reconciliation, is the monthly process of comparing an employer’s carrier invoice data to the enrollment data within their benadmin or payroll system to identify discrepancies that may exist between the two. Employers do this to ensure they are paying exactly what they owe (without over- […]
What is an Employee Benefits Cost Allocation Report?
What is an employee benefits cost allocation report? An employee benefits cost allocation report is a single spreadsheet that shows an employer every benefit billing charge for that month, broken down by their specific internal cost centers. When employee benefit cost allocation reports are created, the first step is consolidating every carrier invoice and […]
How to Improve Benefits Billing with Consolidated Invoicing
Consolidated invoicing brings all of an employer’s benefit plan invoices into one place and creates a single monthly invoice summary (learn more about consolidated invoicing and how it works). The process certainly removes the invoice collection headache for employers who use different insurance carriers for different employee benefit plans. But is paying for consolidated invoicing […]
Is There A Tool to Consolidate Billing for Employee Benefits?
Is there a tool to consolidate billing for employee benefits? Yes! A few tools exist to help employers consolidate their monthly invoices for their benefit plans. For example, an HR tool like VerifiaBill consolidates all of an employer’s carrier invoices into their online portal and creates a single monthly invoice summary that displays the total […]
What is Consolidated Invoicing for Employee Benefits?
What is consolidated invoicing for employee benefits? When it comes to employee benefits, it’s common practice for employers to use different insurance carriers for different lines of coverage resulting in numerous monthly invoices – often delivered through various methods (i.e. mail, email, online portal). The process of consolidated invoicing, or consolidated billing, centralizes all […]
How to be the Ideal Insurance Broker for Your Clients
It is said that the customer is always right. However, in the insurance industry that doesn’t appear to be, well, true. There’s a chasm forming between how brokers view themselves and offer services, and what clients actually want. Half of employers wish their brokers would provide more guidance on regulatory and legislative matters. Meanwhile, over […]
Risk Management and Prevention for Insurance Brokers
Risks can break a business. While some risks can be insured, some cannot. Even for those risks that are insured, they can still affect a business negatively; the process of a claim can eat up valuable resources and time that could otherwise be spent growing the business. It’s therefore important that you assist clients wherever […]
Brokers, Here’s Why You Should Care About Insurance Tech
There’s no avoiding it. Technology is all around us and it’s really leaving its mark on the insurance sector. Insurancetech (or insurtech or instech) covers pretty much any technology that’s altering the way the insurance industry works – VerifiaBill falls under this umbrella. Insurtech could very well be one of the biggest debates in […]