Insurance payment solutions are becoming a priority as more providers begin to invest in digital payment capabilities to collect premiums, disburse claims, and reconcile transactions faster and more efficiently. In this guide we cover:
The highly regulated insurance sector has long been perceived as traditional and not always the first to adopt new approaches, especially when it comes to technology. But now change is on the horizon. The push towards digital payment solutions for insurance is bringing with it new opportunities to be competitive. And increased focus on the customer experience is adding further momentum.
It’s no surprise that payment processing is one of the key areas where insurance customer experience gurus have turned their attention. Today’s customers expect payments to be quick, easy and secure. They also want to interact via their smartphones, tablets or desktops rather than by talking to an operative – all of which is a big shift in mindset for insurers with huge call centres.
Insurance payment solutions are becoming a priority as more providers begin to invest in digital payment capabilities to collect premiums, disburse claims, and reconcile transactions faster and more efficiently. This is part of a wider trend to move beyond legacy systems and improve operational efficiency. The increasingly intense competition across the insurance marketplace also feeds the need to establish new ways to help your business stand out.
Speak to a member of our team to see how we can help to simplify your payments for your customers and boost your insurance business.
Having been perceived as hesitant with new technology in the past, the insurance sector is now having a change of heart, partly prompted by the realisation that digital payment solutions for insurance companies offer a range of practical benefits.
🗸 Happy customers: For starters, being able to offer customers a seamless service for collecting premiums and paying claims can improve loyalty, and, in some cases, improve share of wallet too. Happy customers are far more likely to stick with you.
🗸 Online payments: The other major factor prompting the shift towards digitising insurance payments is the requirement to accept debit and credit card payments online – a seemingly simple option that in practice requires the right payment processing software in place.
🗸 Reliability: Automating your payments means your payment collections are more reliable and accurate - benefiting you and your customers. Plus, integration with internal systems improves efficiencies and man power.
🗸 Post pandemic landscape: So much changed during the pandemic, and for those insurance providers still relying on legacy systems, the move to doing more online will have had a significant impact. Customers are now very used to making payments online and from whichever device they choose – and they expect their insurance payments to be no different. Providers must step up to meet changing customer expectations – or risk being left behind.
🗸 Peace of mind: Digitising your payments can transform insurance in many ways including speeding up reconciliation, reducing payment issues and overall improving your customer loyalty.
What many forward-thinking insurers are discovering is that delivering great customer experiences is a proven way to boost customer loyalty and protect the bottom line. One of the key reasons why this is important is that your customers talk to friends, family, colleagues so if they are spreading the word about your business, you definitely want those conversations to be positive. And ultimately, happy customers are far more likely to stick with you rather than switch. All of which means that it makes sense to find new ways to improve customer experience at every interaction, keep your existing customers on board, and hopefully build up new business referrals too.
However, the payment process is one important area of customer experience that is often neglected – which means it’s also an ideal place to target if you want to stand out. Slick, seamless payments with a choice of payment options, followed by automatic, stress-free renewal payments all add to the great impression your business wants to make on each customer. The added benefit is that by moving to a digital payment process, you’ll significantly reduce the volume of errors that can occur through manual processing, paper documentation and rekeying data: issues that can be problematic for your business and frustrating for your customers.
Having robust and digital payment processing software is a proven way to put your customer experience strategy into action.
Learn more about customer focus in insurance and why you need it.
Hear from our happy insurance customers! "From start to finish, Access PaySuite have understood our business and delivered what we needed from a Direct Debit collection company. Critically, we needed to know they took data security and reliability as seriously as us. They’ve lived up to that at every stage." - Paul Williams, Chief Executive of Ripe Insurance
From collecting premiums to processing insurance claims, a digital payment solution will help to simplify payments for both customers and your internal teams. Speak to our experts today to learn more about how Access PaySuite can help you.
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Why should insurers worry about a customer focus?Customer Success in Insurance