bydadmin
bydadmin
Two Factors Driving Digital Payment Adoption
Digital payments are quickly becoming the norm. The Federal Reserve announced that ACH transfers exceeded check payments for the first time in 2018. Since then, the adoption of digital payments has grown. Here are two factors driving the switch to digital payments. Factor #1: COVID-19 and Online Shopping The pandemic kept many people at home, […]
Continue readingThe New Must-Have Feature for Insurance Software: Evergreen
Whether you’re getting a new roof on your home or upgrading your policy administration system at work, progress can be painful. The price of continual improvement is short-term inconvenience – or at least that used to be true. Now, smart insurers have found a better way. By selecting insurance software that is “evergreen,” they can […]
Continue readingAuto Industry Transformation – Here’s What’s New
The auto industry is going through some pretty major transformations right now. The changes offer both challenge and opportunity for insurers. Here’s a look at the good, the bad, and the downright ugly. Self-Driving Regulations Are Needed The race toward self-driving vehicles has been progressing more slowly than some anticipated, but it has been progressing […]
Continue readingDigital Claims Payments: What’s Happening Now
When’s the last time you wrote or cashed a paper check? More importantly, when’s the last time your customers did? Paper checks are giving way to faster, digital payment options. In the insurance industry, this trend isn’t limited to digital premium payments. Claims payments are also going digital. Customers Want Instant Payments A survey from […]
Continue readingDoes the Policy Administration System You’re Considering Check All the Boxes?
Competition in the insurance industry is getting fierce. To compete with both emerging insurtechs and giant traditional insurance carriers, you need an agile, tech-forward system with progressive capabilities. If you select the wrong system, it could leave you running in place while your competition races ahead. Make sure your new policy administration system checks all […]
Continue readingIVR Payments: 10 Things Insurers Should Know
Are you offering your insurance customers they payment options they want? Interactive Voice Response (IVR) payments are a great option to include. Here are 10 things you should know about IVR payments. IVR payments can be made day or night. Do you have representatives working 9:00 to 5:00? Guess what – that’s when many of […]
Continue readingAuto Insurance Outlook: Preparing for the Perfect Storm
When a rare combination of adverse meteorological factors come together, an unpredictable storm is often the result. That might be exactly what the auto insurance industry faces in 2021. Here are some of the stats behind the ominous clouds. 2020 Was a Good Year for Car Thieves. According to the National Insurance Crime Bureau, 873,080 […]
Continue readingAuto Insurance Churn Is Up – Digital Claims Payments Can Help
Auto insurance customers know they have options. They won’t stay with an insurance company unless they think they’re getting a good deal – and the premium isn’t the only thing that matters. More and more, offering digital claims payments is an essential piece of the insurance customer satisfaction puzzle. Changes in Auto Insurance Shopping Patterns […]
Continue readingCar Subscription and Sharing Models: What Role Does Insurance Play?
Is vehicle ownership old fashioned? Just as movies and music have transitioned to on-demand models, modes of transportation are evolving, and insurance must keep pace. Car Subscription and Car Sharing Models Car subscriptions and car sharing models both give drivers access to a car without buying or leasing a vehicle, but they do it in […]
Continue readingNew Trends in Online Payment Processing
Have you ever mapped out the customer journey for your auto and home policyholders? If you did, you’d discover this interesting truth: Most policyholder interactions involve payments. Either they’re paying you premiums or you’re paying them for claims. Because your most frequent policyholder touchpoint involves payments, it’s vital to have a cutting edge payment processing […]
Continue reading