In the insurance industry, there are several key challenges that organizations need to address to remain competitive and keep policyholder satisfaction high, such as:

• Ensuring effective policyholder communications
• Accelerating collections
• Keeping accurate, up to date records and account reconciliations

In 2020, providing a great customer experience is about meeting customers' ever-changing expectations. Customer experience has become a primary differentiator for many companies, and this extends to the payment experience. Your customers want to be able to make payments any time, anywhere. Your organization should enable them to self-serve on the channels they use most often – whether that's online, over the phone, or even text.

Creating a positive user experience is about more than your customers – it’s about driving quantifiable business results for your organization. When it comes to online payment systems or Electronic Bill Presentment and Payment (EBPP) platforms, the user experience is one of the most important factors in encouraging customer engagement. And when an EBPP solution is not designed to deliver a positive user experience, the negative results of this can be widespread.

The primary challenge most organizations have when it comes to selecting an online payment system is that, on paper, many solutions look alike. They have similar features – omni-channel payment options, paperless billing, email notifications – and functionality. The problem with comparing online payment systems this way, however, is that a feature or function checklist doesn’t paint the full picture of a system’s performance.

When it comes to selecting an Electronic Bill Presentment and Payment (EBPP) platform for your organization, the list of criteria you can use to evaluate your options is seemingly endless. From product features, to customer experience and registration, to integration with software and electronic payment adoption rates – there are countless categories on which to base your decision.