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.
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.
Anyone who has been involved in purchasing software for their organization has heard of the term SaaS, or Software as a Service. And while many people understand, at least on some level, what SaaS is, it’s often hard to quantify the benefits of SaaS for your organization. For insurance companies, SaaS solutions provide a number of unique benefits that can drive real business results.
In the insurance industry, there are several key challenges that organizations need to address to remain competitive and keep policyholder satisfaction high, such as:
- Improving policyholder retention and satisfaction
- Ensuring accurate account reconciliations
- Keeping up with innovation