Which business function is the biggest factor for customer retention for insurers?
Which business function is the biggest factor for customer retention for insurers?
Well, what can it be if not billing!
As policyholders how frequently do we look into marketing materials or even the policy document? How often do we submit claims, or call up the insurer? But, can we escape from looking into the premium bills, paying them, or asking questions about them!
We can’t & so billing guarantees customer touchpoints that no other functions do. That makes it the insurer’s trusted gateway to its customers.
A great billing experience can make a difference. Over 70% of insurers agree that billing is the most important candidate for digital transformation & driver to customer retention.
However, most insurers still run their billing processes in archaic systems with high latency, low flexibility, poor rule management that negatively impact customer & broker experience & cost of operations.
With many options available to modernize billing, insurers have to evaluate those options cautiously to arrive at a decision. Making the right decision & implementation can give a significant competitive edge.
Read this blog-post with perspectives into billing modernization.
