Billing Best Practices Kim Morton Product Marketing, Guidewire Martina Conlon Principal, Novarica May 10, 2011

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1 Billing Best Practices Kim Morton Product Marketing, Guidewire Martina Conlon Principal, Novarica May 10, 2011

2 1 Agenda Presenter Introductions ICE Anti-Trust Policy Billing Best Practices Open Q&A

3 Presenters

4 Martina Conlon Novarica 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 staffing strategies Served as Director of Enterprise Technology for Arbella Insurance prior to Novarica 3

intelligence, business process outsourcing and IT staffing strategies Served as

5 Kim Morton Guidewire BillingCenter Product Marketing Manager 2.5 years with Guidewire Supported several BillingCenter sales cycles and engagements 10 years P&C Insurance experience 4

6 Ken Godfrey ICE 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) at Fireman s Fund ken@theicesite.com 5

centers (commercial and national accounts billing functions,

7 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 statement should guide us in all our discussions.

The statement reminds us that the policy restricts decision-making and discussion.

8 7 Billing Best Practices Themes Customer Service Operational Efficiency Business Agility Cash Management

9 8 ❶Customer Service Alignment Align billing customer service to match customer demands Align billing strategy to support customer needs

10 9 ❷Marketing Messages on Invoices Build your brand Expand your footprint Leverage billing as a marketing tool

11 10 ❸Account-Level Billing Provide multiple policies on single invoice Improve customer satisfaction Reduce processing costs

12 ❹ Payment Method Options and Automatic Payment Support as many options as possible for down-payment and installments Improve customer satisfaction Reduce delinquencies get your money faster Improve cash management 11

and installments Improve customer satisfaction Reduce

13 12 Billing Best Practices Themes Customer Service Operational Efficiency Business Agility Cash Management

14 13 ❺Consolidate Billing Provide all of the billing information in one place Gain process efficiencies Reduce operational costs Billing Billing System Consolidated System Billing System A B

15 14 ❻Paperless and Electronic Billing Reduce processing costs with opt-out default Leverage text and SMS Improve customer satisfaction

16 15 Billing Best Practices Themes Customer Service Operational Efficiency Business Agility Cash Management

17 16 ❼Billing Flexibility Invoice customers the way they want to be billed Win in the markets you want to serve Improve customer retention

18 17 ❽Data Security Provide customers and agents access to system via portals Protect sensitive data Improve customer and agent satisfaction

19 18 ❾Automated Workflow and Rules Automate the billing lifecycle Enable process improvements Gain process efficiencies

20 19 Billing Best Practices Themes Customer Service Operational Efficiency Business Agility Cash Management

21 20 ❿Equity-Based Billing Equity-based billing and delinquency workflows Reduce uncollected earned premium Improve cash flow

22 ⓫ Commissions Calculations and Payments Calculate commissions and incentives in billing system Align commission payments to premium payments Suspend commissions on delinquent policies Improve cash management 21

23 22 ⓬Continuous Billing Limit renewal down-payments Automatically convert to an evenly-billed installment plan Improve cash flow and customer retention rate RENEWAL

24 23 These Best Practices Will Help You Improve Customer Retention Gain Operational Efficiencies Win in the Markets You Want to Serve Improve Cash Management

25 Thank you Kimberly Morton

Guidewire BillingCenter. Adapt and succeed

Guidewire BillingCenter. Adapt and succeed Guidewire BillingCenter Adapt and succeed Property and casualty insurers told us that they wanted a billing system to provide easy access to the information they need so they could deliver fast, accurate