VP Product Management
If you haven’t already taken a few minutes to read some thoughts on “Building a Business Case for a Billing System,” it’s easy to download a copy. All of the points are valid from what I’ve observed in the insurance industry.
While building a business case for a billing system may sound easy, the reality is that it isn’t.
One reason it can be tough is that an insurer doesn’t create this kind of business case very often. It’s not necessarily a straightforward process, and the organization might not have the needed skill set. The entire process, from building a business case through selecting a billing system, calls for good judgment. You’re going to have to filter through a lot of information from vendors.
Why isn’t creating a business case a more straightforward process? Insurance carriers often need a better understanding of what their existing true costs and service levels are. When they move to a new billing system, it then becomes problematic to document whether they have met the projected improvements outlined in the business case. When tackling a business case, insurers get a significant payoff when they take the time to get a good grasp of that information. In reality, you have to before you can take the next step and weigh estimates of projected savings, increased productivity, and more … in time, both understanding true costs and estimating benefits will deliver more value. You’ll be able to measure what you’ve accomplished.
The ultimate step to finding the new billing system involves placing your trust in someone. Sometimes it’s hard to believe that the new billing system will be as good as the vendor says it will be. But, to improve your company’s opportunities, you have to trust the people and the company enough to move forward.