One of the biggest challenges for insurance organizations today is maintaining a competitive edge in a crowded, fast-moving industry. To keep policyholders happy and customer churn low, insurance carriers must be prepared to meet the changing needs of insureds – a task made more difficult when your organization opts for traditional payment methods over the online payment options true SaaS software applications can provide.
When evaluating potential vendors for your organization – payments-related or otherwise – one important factor to take into consideration is their partner network. By that, we mean: which other software solutions can this vendor easily integrate with?
Losing business to customer churn is a notorious challenge in the insurance space. Part of what makes this loss so difficult is trying to determine why your former policyholders are leaving – an investigation almost as frustrating as the churn itself.
There are a few common reasons for customer turnover, some of which are out of your control as an insurance provider. But, fortunately, one of the primary drivers of churn is something that your organization can actively address and impact: customer frustration.
How important is keeping up with customer preferences? Although the answer to this question may vary by industry, the reality is that most organizations need to meet the changing needs of customers to remain competitive.
The insurance space is a highly competitive one, where the expectations for innovative payment options have been steadily growing for years. Large competitors in the industry recognize that digital payment offerings are now an essential aspect of a positive payment experience, which insures satisfied customers. Part of this is shifting demographics. The Millennial population has officially surpassed the Baby Boomer generation, and Millennials complete payments through their insurance carrier’s website or mobile platform at extremely high rates. However, even the Baby Boomers are turning to digital payments in unprecedented numbers, which just goes to show the universal need for e-payment options.
Have you ever seen someone get their total at the grocery store and go for their phone instead of their wallet to pay? In that case, it’s likely they’re using a mobile wallet – like Apple Pay or Google Pay – to foot the bill.
Mobile wallets (a.k.a. mobile payment apps) arrived with the release of Apple Pay in 2014. Following that launch, this digital payment method has become a staple for both in-store and online purchases over the last six years.
Insurity Connected is an annual client conference that brings together some of insurance’s leading industry analysts and executives to discuss the latest trends, actionable insights, and best practices. This year, the conference took place virtually throughout May. There were a variety of sessions aimed at helping insurance companies effectively meet heightened customer expectations and address changing marketing trends.
Omni-channel is a popular buzzword that has made its way into almost every discussion about customer experience. Most of the software vendors you work with, in fact, will talk about 'omni-channel capabilities' that set their solution apart from the competitors. Your organization may even have these capabilities listed on a checklist you use to evaluate new software solutions. But what is omni-channel, and why do so many organizations focus on it?
In a recent blog post, we discussed the benefits of improving the online payment experience. We detailed how a good online payment experience can decrease customer service calls, lower print and mail costs, speed up collections, and improve customer satisfaction. Now that you have a clear understanding of why a good user experience for online payments is to important, the next step is learning how to identify the Electronic Bill Presentment and Payment platform that will drive the best user experience for your customers.
For most organizations, customer satisfaction levels are an area of constant focus. That's because customer needs and expectations are constantly changing, and keeping up can be a challenge. It's important, though, to always keep customer satisfaction and experience top of mind at your organization. A poor customer experience can lead to other organizational challenges down the line, such as increased staff workloads and slowed collections.