Insurance firms have had a rough couple of years, dealing with everything from the pandemic and economic hurdles such as inflation and climate risk concerns to rapidly evolving consumer product and purchase preferences. Right now, they need to find ways to do more with less. One of the ways to boost operational efficiency and improve the customer experience is to invest in an automated digital platform for billing administration.
In this post, we’ll explore why.
A More Attractive Employee Value Proposition
The insurance labor market is becoming more constrained, and most insurers are struggling to find the skills they need:
- Only 4% of millennials are interested in working in insurance technology.
- Nearly 25% of the IT job openings in insurance were vacant in 2021, according to The Everest Group.
- It’s anticipated that the demand for competent IT professionals in the insurance industry will increase by 55% by 2030.
- The U.S. Chamber of Commerce projects that within the next 15 years, about 400,000 workers in the insurance industry will retire.
Many people aren’t interested in working in the conventional framework that many insurance businesses still follow, where employees spend their days doing repetitive, low-value work. Manual tasks generally have high rates of inefficiencies while offering little room for innovation and personal growth.
Digital insurance platforms can help insurers become more attractive to prospective employers as they “automate away” much of the menial work involved in billing administration, leaving room for employees to perform more value-adding, rewarding work.
Faster Processing, Fewer Errors
With the right insurance billing software and solutions, you can say goodbye to billing errors while improving operational efficiency and customer satisfaction. The automation engine works quietly in the background 24/7, ensuring all tasks and workflows are managed appropriately and completed on time.
The best solutions also allow you to define rules for routine tasks (such as non-paid cancellations and reinstatements), which results in a lighter workload for your agents and fewer billing errors. You can also:
- Employ lockbox, EFT, and credit card payment options
- Define payment plans with a rules-based configuration tool
- Adjust transactions and payment postings in real time
- Adapt and define pay plans quickly and easily
Running a well-oiled, automated billing machine is a sound strategy for insurers seeking to improve their customer experience and build brand loyalty.
Automated, self-service billing platforms make it easy for your policyholders to access accurate, up-to-date information on current amounts due and future bills whenever they want it – rather than having to call your office and possibly wait on hold while a human agent becomes available to attend to their query. They can also make real-time pay plan changes independently, mid-term.
Flexibility and Customization
The best insurance software will allow you to configure your pay plans according to what works best for you and your customers.
From an internal perspective, flexibility comes in the form of customizable processes and procedures, including:
- Billing distribution (paper or electronic)
- Billing scheduling (monthly, quarterly, annually)
- Transaction-based billing options (endorsement changes, cancellation rules, reinstatement rules, fees, and more)
- Support agency bill and direct bill
- Unlimited pay plan options
- Payment types or files (lockbox or bank files)
For customers, this means more payment choices. They can select from a variety of user-friendly payment options for paying their bills – such as mobile, web, credit card, EFT, checks, or cash.
Cloud-Based Privacy and Security
The best insurance billing solutions are powered by leading public cloud providers, such as Microsoft Azure. This makes them an affordable choice if you’re looking to innovate with products and services across multiple distribution and engagement channels without making any security sacrifices.
You want visibility of your billing environment right now. Your policyholders want information at the press of a button. With our insurance billing software, you can do both. Deliver real-time self-service capabilities that satisfy your agents’ and policyholders’ desire to manage their coverage on their schedule – all at an attractive price point.
At Insuresoft, we’re passionate about crafting human-centered technology solutions that position insurers to compete in a complex digital world with speed and at scale.
Leading brands rely on our Diamond Platform and complementary solutions and services to power their business vision.
Build valuable, lasting relationships based on trust. Deliver on that all-important customer promise. Give your policyholders the experience they want today — before they demand it tomorrow.
With Insuresoft, you can accelerate, differentiate, innovate, and… shine on.
Contact us today to learn more about our platform.