Insurance Billing Shifting from Payment to Digital Customer Engagement, According to Majesco Research
Staff Writer | March 17, 2017
Majesco published a new thought leadership report, The New (Digital) Face of Billing: Defining Multi-Line Insurance Billing Excellence. The report highlights the imperative for insurers to evolve billing from a purely financial transaction to a method of engaging customers and strengthening relationships.
The need to change to a customer relationship focus is rooted in several areas, but the influence of companies outside the industry (from Amazon to Zappos), that make it possible for customers to engage and transact business seamlessly via online self-service, is chief among them.
“Fortunately, industry research shows a majority of insurers buy into the concept of transforming billing from a cold transaction to a relationship-enhancing opportunity,” says Denise Garth, senior vice president, strategic marketing, industry relations and innovation at Majesco. “Companies like Amazon and Apple have modeled for the insurance industry the importance of creating experiences that set a new standard to meet the changing needs and expectations of all customers.”
While insurers buy into the concept, many still have much work to do, particularly in digital billing capabilities, to reach this new standard of service. Core billing systems must extend from traditional operational areas of payment and receivables, to include a growing array of digital interactions including electronic bill presentment and payment, online and mobile credit card payments, SMS for payments, ApplePay, bitcoin and much more.
Increasingly, customers, channel partners and others are expecting complete transparency, automation and ease of access and use in a multi-channel, multi-device, anywhere, anytime access to their policy, claims and billing information. The integration of chatbots to aid in providing accurate, quick service is rapidly becoming table-stakes to deliver quality service at scale.
While billing’s customer engagement potential is exciting, carriers must be careful to not treat it as a siloed process; it is critical they view it as a part of the entire customer journey. Accordingly, companies should design the ideal customer journey, then build the business processes and technology to execute it. Behavioral data (billing, payment, inquiry, etc.) should be captured all along the journey to understand what customers are actually experiencing, and the insights gained should be used to continually refine and improve the journey. With the proper systems and capabilities in place, the billing function can foster increased customer engagement, satisfaction, renewal rates, improve cash flow and establish the insurer as the go-to source for convenience and trust.
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