A new frontier for competitive differentiation: The billing and payment process

Billing represents the most frequent touch point in the industry with customers often interacting with their insurer quarterly or monthly. In a five year span a monthly payment customer will interact with their carrier at least 60 times thus presenting 60 opportunities either to exceed or fall short of meeting evolving customer expectations dynamically. Policyholders want to pay their bills and view their balances whenever and wherever in the manner they choose.

An enterprise billing and payment strategy provides a framework for creative thought, conscious decisions, and measurable outcomes relative to the unending potential combinations of pay plans and payment mechanisms, and how they align with broader corporate objectives.

This whitepaper studies how insurers can slash billing operations expenses and improve customer retention by deploying an enterprise billing and payment strategy.