From the customer’s perspective, an insurance invoice is just another envelope (or e-bill) to toss into a basket for payment. From the insurer’s perspective, however, the billing function represents one of the greatest opportunities to engage with the customer in order to build a relationship that is both positive and long lasting.
The billing and payments function, albeit sporadic, remains the most frequent touch point with customers, agents and business partners, and as such, continues to be an important part of insurers' overall customer-engagement strategies.
The gradual shift in billing from a financial, to a customer centric, to an engagement focus can be viewed in light of the steady rise in the “Age of the Customer” culture.
In the race to embrace a new customer business model, insurers must focus on improving the services they provide, such as simplified enrollment, billing and payment functionality that will satisfy and retain the new generation of customers.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software and consulting services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more. For more details on Majesco, please visit www.majesco.com