Which is Better for Payment Security:
Paper Checks or Digital Payments?
Secure payments are the goal. How to achieve security is the question. With all the press that cybercrime gets, you might assume that paper checks must be more secure. However, paper checks also have their share of risks, and the problems appear to be getting much worse. Here’s a look at payment security in paper […]
Continue readingThe Insurance Claims Satisfaction Divide:
How to Digitize and Delight
Your claimants might not be as happy as you assume. J.D. Power’s 2022 U.S. Property Claims Satisfaction Study found that claim satisfaction dropped to a five-year low. For insurers who think they’ve been doing a great job improving the customer experience in recent years, this could come as an unpleasant surprise. Clearly, insurers need to […]
Continue readingNow Is The Time For Digital Payments
Have you been holding out on digital payments? You’re not alone. The insurance industry can be slow to change, and this trend has held true in the adoption of digital payments for insurance. There’s a difference between cautiously slow and ludicrously sluggish, however. Technology has made digital inbound and outbound payments possible, and the time […]
Continue readingYour Property Casualty Insurance Software: A Crucial Player in the Customer Journey
When you think about the customer journey, you probably focus on how your people perform. Your team is important, certainly, but your software may play a bigger role than you expect. If you’re trying to finetune your customer journey right now, make sure you’re asking yourself whether or not you have the right property casualty […]
Continue readingLooking to Increase Customer Satisfaction and Retention? Payment Options and Speed Will Move the Needle
Auto insurers are failing to increase customer satisfaction. That’s the takeaway from J.D. Power’s 2021 U.S. Auto Insurance Study. After four years of improvement, customer satisfaction remained flat – despite the fact that auto insurers returned more than $18 billion in auto insurance premiums during 2020. If giving back more than $18 billion isn’t enough […]
Continue readingTackling the Evolving Claims Experience: Three Perspectives
The claims experiencing is evolving. Claimants have new expectations, adjusters have new tools, and insurance companies are evaluating ways to meet new demands while managing the risks that come with them. The evolution we’re seeing right now is a massive change that impacts every touch point in the claims process. A simple tweak here and […]
Continue readingInteractive Voice Response: The Tech Upgrade Your Insurance Strategy Needs
Right now, insurance companies are investing heavily in technological upgrades. Overall, this is a good thing. The digital revolution holds great potential – but if insurers want to improve customer experiences, they need to focus on what the customer wants. So what do customers want? Convenience. Speed. Choice. And Interactive Voice Response (IVR) can provide […]
Continue readingCan You Pass Payment Processing Fees onto Insurance Policyholders?
Credit card processing fees can eat into your profits – but what if you could use them to generate revenue instead? It’s possible when you allow a fee for elected outbound digital payments to insureds. You benefit from fee collection, while your policyholders benefit from convenient payment options. Credit Card Processing Isn’t Free Credit card […]
Continue readingHow Insurers Can Appeal to Gen Z Buyers
Generation Z is ready to change the world. Businesses should take note. Generation Z includes people born after 1996. In 2021, the oldest members of this generation are 24. They’ve graduated from high school, and some of have graduated from college. They’re still young, but they can work, shop and vote. They are a vocal […]
Continue readingTwo 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, […]
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