Innovation is an unavoidable – but welcome – aspect of technology. To say that tech is constantly evolving is like saying the sky is blue. While this can feel exciting or fun to some, others find the rate at which tech innovates to be overwhelming.
However you feel, from a business standpoint, there’s one critical factor to consider when weighing your technological options: how is my organization’s tech going to impact the user experience?
Within the insurance industry specifically, online payment platforms are a great example of why this question is so important. Insurance organizations rely on their chosen technology to provide a positive user experience – they’re even rated on whether their efforts to innovate demonstrate the financial strength needed to sustain long-term profitability.
AM Best, the premier credit rating agency focused on the insurance industry, scores insurance organizations based on various criteria, including innovation. The philosophy of AM Best is that innovation has always been important for the success of insurance companies, but with the accelerated pace of technology nowadays, it has become increasingly critical to the long-term success of all insurers.
This rings true for digital payment platforms which, when innovative by nature, can improve internal efficiencies and even reduce customer churn. On the other hand, out-of-date payment platforms tend to cause more daily challenges than they solve for insurance organizations, negatively impacting financial strength.
Payment reconciliations, for instance, can become a time-consuming roadblock when limited payment capabilities force employees to handle reconciliations manually. And the poor user experience created by dated payment platforms often translates to low customer engagement and low rates of e-adoption.
All of that added up comes out to dissatisfied customers, increased staff workloads, and high organizational costs. Not to mention worrisome concerns that an outdated system may be unable to comply with the critical security requirements necessary for protecting payment information.
California Mutual Insurance Company, a California domestic insurance organization, was struggling with these challenges and more – all stemming from a clunky, difficult-to-use payment platform. After working with Invoice Cloud, California Mutual was able to simplify their payment reconciliations, enhance their user experience, and offload compliance liability.
Difficult user experiences create internal and external challenges
One of the biggest challenges for California Mutual was the costly amount of time per week the organization was investing in payment reconciliations. Since California Mutual’s payment processing platform was not integrated with their core policy administration system, the payment reconciliation process was an incredibly laborious one for the California Mutual staff.
On top of this, the difficult user experience of the organization’s existing payment platform was resulting in customer frustration and a clear resistance to online payment adoption.
California Mutual also struggled with other challenges, including:
- Limited payment options causing a poor user experience
- Lack of self-service functionality increasing staff workload
- Increasing concerns about compliance liability
- High costs associated with printing and mailing paper bills
California Mutual needed an innovative EBPP platform that could seamlessly integrate with their policy administration system, thereby simplifying reconciliations and innovating their out-of-date user experience.
Saving time with simplified payments
After implementing with Invoice Cloud, California Mutual has seen several benefits, including:
- Higher customer satisfaction and e-payment adoption
- Increased self-service, paperless, and AutoPay adoption
- Reduced staff workloads
- Automatic technology updates
- PCI Level 1 Compliant security
California Mutual was able to achieve all this after seamlessly integrating Invoice Cloud with their core billing system, a goal they had previously been unable to realize. Since then, the insurance organization has been able streamline their payment reconciliation process to save significant employee time.
In fact, internal efficiencies improved so much that the California Mutual team saved 15 hours a week in time spent on reconciliations. Overall, there was a sizeable decrease in mailed-in payments and an outstanding 151% increase in e-adoption since month one with Invoice Cloud.
This massive migration towards self-service has given back significant time to the staff at California Mutual, improving their productivity and allowing them to focus on other critical aspects of their roles. Invoice Cloud’s cutting-edge SaaS software provides policyholders the latest and greatest experience with sweeping, automatic updates. Plus, it allows them to breathe easy knowing their sensitive information is protected by the highest level of data security available.
Boosting adoption with an improved user experience
California Mutual is a great example of the impressive results insurance organizations can realize – and the meaningful resources they can save – with an updated, simplified payment processing platform.
To read the full results of California Mutual’s implementation, download the case study below.
To learn more about how Invoice Cloud can help your organization implement a seamless software integration, schedule a demo today.