A recent report from Insurance Journal estimates that over the next 15 years, 50% of the current insurance workforce will retire – potentially leaving more than 400,000 positions open. Today, 51% of insurance IT executives say that a shortage of IT talent is a leading issue for businesses.
Taken together, it’s a clear sign that insurers must not only be proactive in terms of their recruiting efforts, they must also strategically implement tools and capabilities that blunt the impact of projected staffing shortages and automate policyholder self-service options.
Self-Service Billing and Payments for Insurers
The fact that billing and payments is one of the most frequent policyholder touchpoints can often go overlooked. After all, the primary role of an insurer is to act as a safety net in the event of a disaster. It’s easy to slip into the idea that billing and payments are simply a way for policyholders to keep their accounts up to date.
When done right, billing and payments can serve as both a loyalty driver and a business optimization tool. Here are three self-service billing and payment capabilities insurers should consider to best serve policyholders and staff.
Policyholder Web Portal
An intuitive, omnichannel policyholder portal is a foundational element for insurers looking to provide a comprehensive, self-service policyholder experience. This is due to the fact that policyholders can view their account or policies, quickly and securely manage online billing and payments, and access statement and payment histories. They can even receive automated notifications on upcoming payment due dates, critical updates and even the status of a payout.
This portal virtually eliminates the need for policyholders to contact agents or customer service representatives. With all necessary information at their fingertips, policyholders have the ability to self-serve 24/7/365. Additionally, deploying a self-service portal such as the one offered by Paymentus that can integrate seamlessly within your organization’s web experience and customer information systems can drastically reduce the burden on your IT staff. This is why Paymentus offers integration options from APIs to fully hosted and integrates with leading insurance systems like Guidewire and Duck Creek.
Chatbot
Chatbots provide yet another self-service tool that policyholders can employ to quickly address their needs without having to call. With a built-in ability to learn, conversational chatbots allow policyholders to resolve commonly asked questions, receive account balances, make and schedule payments, and contact live help as needed.
For one Paymentus client, it was estimated that chatbot helped their internal team save more than 260 hours annually in handling customer issues and processing payments. What’s more, “View My Bill” was the second most-clicked option, trailing only “Pay My Bill.” “Schedule My Payment” was another top-used phrase specific to completing and automating actions, showcasing the chatbot’s ability to offer full-service customer support and payment security.
AutoPay
AutoPay may be the gold standard of self-service. There is simply nothing more convenient or mutually beneficial than automated payments. Policyholders can ensure their bill is paid on time each billing cycle, while insurers gain steady cash flow to optimize business operations.
This set-it-and-forget-it capability prevents the need for customers to call in their payments or seek out bill details. And once a policyholder enrolls in AutoPay, it’s very unlikely they will revert back – making this a convenience-driver for the length of the relationship.
Create More Self-Service Options
Self-service billing and payments can make life easier on both staff and policyholders. Though there is no replacing the industry veterans set to retire in the next 15 years, creating intuitive experiences geared toward guiding customer behaviors can provide many extended benefits.
What are these benefits? In this recent success story, see how one Paymentus client drove a 43% increase in AutoPay to retain policyholders and reduce its costs to serve. Plus, request an exclusive 15-minute demo with a Paymentus insurance expert to see what your organization and its policyholders stand to gain from making the move to Paymentus.
