In the age of Digital Insurance 2.0, customers’ experiences with other industries are rapidly increasing their expectations for digital engagement with all industries, including insurance. Their demands and expectations also extend beyond interaction capabilities to include new, innovative products and services such as on-demand, parametric, telematics, value added services, and much more…moving billing to a front and center focus.
These new products and services require distinctive billing and payment capabilities, compared to traditional billing and payment processes of Insurance 1.0. And this is the reason so many insurers are once again looking at new enterprise billing solutions with a future-focused approach, rather than a legacy replacement and transformation approach.
Many insurers began addressing new expectations by moving beyond delivery of accurate and timely bills, to developing new digital billing and payment processes that would improve customer experience and retention, often through portals that integrated with legacy or “modern” billing systems that replaced legacy infrastructures. But to succeed in the era of Digital Insurance 2.0, carriers must move beyond simply modernizing and optimizing traditional insurance billing and payments capabilities. It is critical that they also expand support for new payment channels and, most importantly, new products and services that demand very different billing capabilities.
Billing is much more than influencing customer satisfaction and retention, it is now crucial to growth and innovation strategies that will define an insurer’s future success and survival. Watch this webinar to learn more about your customers’ expectations for better digital experiences, and new, innovative products and how you can transform your billing capabilities from a back-office support function to a front-office driver of innovation and growth.
Vice President, Product Management
Client Development Practice Leader
Senior Vice President, Strategic Marketing, Industry Relations and Innovation