Enhancing User Experience to Boost Digital Payments: Client Story

Posted by Brian Melle on Jun 17, 2020 8:00:00 AM
Brian Melle
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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.

Savvy insurance companies know that the key to retaining policyholders is providing a consistent online payment experience that encourages enrollment in self-service options (like auto-renewals) and simplifies payments.

If we look at the inverse, insurance companies that fail to provide an engaging customer experience tend to see higher rates of churn and higher costs overall. That’s not to mention the operational inefficiencies that come from having low rates of electronic payment adoption: increased manual workloads for staff, high customer service call volumes, and slow collections processes.

Before becoming an Invoice Cloud client, insurance company Grayson-Carroll-Wythe Mutual was experiencing these types of pain points. With limited self-service functionality and no AutoPay or autorenewal options, the pressure was on – from insureds and agents – to implement an electronic bill presentment and payment (EBPP) platform. Here’s how Grayson-Carroll-Wythe partnered with Invoice Cloud to increase digital payments and self-service by implementing a solution that enhanced the user experience in a truly impactful way.

Challenges of a Limited User Experience

Grayson-Carroll-Wythe Mutual knew if the company wanted to compete against the digital payment offerings of larger insurance companies, the organization would need to provide a better customer payment experience, and fast. With insureds and agents demanding upgraded payment options, Grayson-Carroll-Wythe Mutual was in desperate need of an omni-channel payment platform that would turn their outdated user experience around.

Some other challenges the insurance company was facing included:

  • Limited self-service functionality
  • No paperless or AutoPay options
  • Separate systems for card payments and electronic checks
  • High costs associated with printing and mailing paper bills

Improving User Experience to Increase Digital Payments and Self-Service

Invoice Cloud helps insurance customers improve user experience by consistently engaging customers throughout the most frequent insurance touchpoint: premium payments. We simplify the payment process, enabling organizations of all sizes to deliver the best possible experience for their insureds.

When Grayson-Carroll-Wythe Mutual chose Invoice Cloud, they were able to:

  • Increase self-service adoption with omni-channel payment options
  • Enable a better user experience to drive more digital payments
  • Streamline all digital payments through one platform
  • Decrease customer churn

Through working with Invoice Cloud, Grayson-Carroll Wythe is now able to deliver the same level of efficiency and ease of use to its customers as its larger competitors. This dramatic improvement in the customer experience has helped significantly improve customer satisfaction, which will ultimately reduce their customer churn in the long run.

Boost Self-Service Adoption and Decrease Customer Churn

Grayson-Carroll-Wythe Mutual is a perfect example of how a simple, user-first payment experience can boost self-service adoption rates, decrease customer churn, and deliver several other benefits. To read the full results of Grayson-Carroll-Wythe’s implementation, download the case study below:

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To learn more about how Invoice Cloud can help your organization improve self-service rates to increase revenue and decrease costs, schedule a demo today.

Topics: client stories, insurance, digital payments