Skip to main content
Product Product

Willis Towers Watson’s Financial Solutions

Willis Towers Watson has experience in Vendor Remittance, Participant Direct Billing and Claims Funding, allowing our clients to focus on other tasks.

Do you have outsourced benefits and find yourself wrestling with vendor premium payments, claim payments and collecting premiums from associates who are no longer on payroll? For many organizations, it is inefficient to keep these processes in-house. Fortunately there is an easy solution to help alleviate the burden and time it takes you to complete these tasks. Willis Towers Watson has extensive experience in managing Vendor Remittance, Participant Direct Billing and Claims Funding for many of our benefits administration clients and, as a result, our clients have been able to focus their time and resources on other tasks.

2020 Statistics

More than
90%
of our Outsourcing clients use our Financial Solutions services
More than
1million
invoices generated and mailed to Direct Billing participants
More than
1.1million
payments processed, including more than 110,000 one-time ACH payments on ESS
$2.5billion
payments processed for COBRA, Direct Billing and Vendor Billing
99.9%
SLA success rate for invoices/payments

Willis Towers Watson’s Financial Solutions

Vendor Remittance – Submit payment of monthly premiums and/or ASO fees to vendors on your behalf.

  • Monthly premiums and/or ASO fees owed to vendors are calculated in the BenefitConnect system
  • Premiums and ASO fees are consolidated for your review and initiation of a single transfer to Willis Towers Watson in preparation for distribution to the specific list of vendors
  • Payments sent to vendor on your behalf
  • Monthly reconciliation reports
  • Willis Towers Watson owns the vendor relationships, manages setup, issues and escalations, and updates vendors with participant enrollment status

Participant Direct Billing — Billing and collecting monthly premiums from participants who do not have an active payroll deduction — retirees, employees on leave and survivors.

Willis Towers Watson manages the details through a trusted and established process which includes:

  • Identification of impacted participants, updated regularly with data from BenefitConnect
  • Automatic adjustment to bills when costs change due to status changes, annual enrollment, coverage and other updates
  • Seven years of imaging and archiving of communications and transactions
  • Maintenance of banking relationships on your behalf
  • Daily processing of lockbox payments
  • Management of rejected payments
  • Termination for nonpayment, including notices of termination
  • Processing of refunds for overpayments or payments made after termination of coverage
  • Monthly reconciliation of lockbox and transfer of funds to the Client Corporate Account

Quality Participant Experience:

Your participants receive important notifications and have access to online accounts and electronic payment functionality.

  • Choice between payment by check sent to a secure lockbox, by one-time ACH payment or by automatic monthly electronic debits
  • Self-service site is available 24/7 to make payments and view communications
  • Regularly scheduled supplemental communications

Visibility for the Employer:

  • 24/7 access to the web administration tool
  • A variety of monthly reports included to provide an overview of the Participant Direct Billing activity

Claims Funding – Our solution is an easy and efficient way for you to facilitate the cumbersome process of reimbursing your vendors for claims payments to your participants.

  • Willis Towers Watson establishes a mechanism for distribution of weekly claims requests from your vendors
  • Claims amounts are combined and a funding request is submitted to you
  • After receipt of client funds, Willis Towers Watson initiates transfers to claims vendors
  • Willis Towers Watson provides you with a monthly reconciliation report
Download
Title File Type File Size
Willis Towers Watson's Financial Solutions PDF .4 MB
Contact Us