4 Common Questions Asked About Controlling the Customer Experience

Over the years, we’ve heard much about controlling the customer experience from our 530+ carrier, broker, and agent customers.  

But what exactly does controlling the customer experience mean?  Why is it important? What are the benefits of controlling the customer experience? And how can InsurePay help?

Below we’d like to answer these questions based on a recent customer survey and conversations we’ve had with our customers.

The Importance of Controlling the Customer Experience

The pandemic changed how organizations across various industries conducted business, especially insurance.  Insurers of all shapes and sizes moved digitization and customer experience initiatives to the top of their to-do lists. 

Today’s insurance consumers have become accustomed to seamless digital experiences in retail, ride-sharing, and hospitality.  When buying insurance, they expect the same simple, easy, and routine billing and payment experiences from their insurance providers. 

Policyholders also expect payment flexibility and billing transparency. And if insurers can’t provide this type of experience, policyholders will end up doing one of two things: 

  • Pay their easiest bills first, then pay their premium bills later 
  • Purchase insurance from competitors who provide an easy payment and billing experience

What Does Controlling the Customer Experience Mean?

When insurers say they want to control the customer experience, they want to keep the same branding, feel, and service throughout the customer journey.

As customer expectations continue to rise, we’ve seen carriers want more control over service elements so they can proactively address issues for policyholders via:

  • Access to self-help docs
  • 24/7 customer support
  • Seamless onboarding 
  • Using data to drive depth to understand policyholder needs 

There are two routes insurers typically take to control their customer experience. Some insurers may build a solution if they have the in-house resources.  Other insurers may buy a solution because they don’t have in-house technical expertise or resources. 

However, one thing to note when insurers buy a solution, it must have the same branding, feel, and service when customers leave their site.

To help carriers, agents, and brokers solve this challenge, InsurePay released the following solutions to help insurers control their customer experience. 

Personalized Payment Widgets

According to InvoiceCloud, 79% of consumers prefer to make payments through digital channels. InsurePay’s payment widgets allow carriers, agents, and brokers to meet customers where they are by offering personalized payment widgets on their websites. 

These widgets provide fast, secure, and personalized checkouts.  In addition, they also offer policyholders flexibility by providing multiple payment options, such as:

  • All major credit cards
  • Debit cards
  • ACH, EFT, and Interac payments

Pay-As-You-Go Payment by Credit Card

In a study conducted by Accenture, 88% of consumers want more personalized insurance products.  

The demand for more personalized products, along with business owners who want to maximize their cash flow, accelerated the adoption of pay-as-you-go workers’ compensation over the last two years.  

InsurePay is now making it easier for carriers, agents, and brokers to attract and retain
policyholders by integrating credit card acceptance into our pay-as-you-go platform.  

Policyholders can now pay their premiums directly to insurers through our web-based platform via credit card, debit card, ACH, EFT, and Interac payments.

Benefits of Controlling the Customer Experience

Today’s insurance consumers demand more payment flexibility and personalized solutions.  This is why billing and payments have moved from a back-office function to playing a vital role in the customer experience.

Going forward, carriers, agents, and brokers who can provide a seamless customer experience will have a huge leg up on the competition, especially with Millennials and Gen Z, who are now buying insurance for the first time.

Some of the ROI our customers have seen by implementing InsurePay into their customer journey include: 

  • Up to 75% bad debt reduction (uncollectable earned premium)
  • Up to 50% reduced audit costs
  • Up to 10% increase in policy retention

And when it comes to policyholder retention, reducing customer defections by as little as 2% per year is equivalent to cutting costs by more than 10%!

Interested in Learning More About Controlling Your Customer Experience?

One of the benefits of working with 530+ insurers and processing over $7 billion in premium payments is that it allows us to see the latest trends in billing and payments before anyone else.  

Whether you’re building a solution or thinking about buying one,
we’d love to hear from you!

Learn more about InsurePay today!