InsurePay Releases Two New Digital Payment Solutions to Help U.S. Insurers Boost Customer Acquisition and Retention Efforts
Customer expectations have changed dramatically over the last two years. The pandemic changed how we work, live, and even purchase insurance.
While some policyholders initially may have been slow to embrace digital payments, many of them became accustomed to the ease and convenience of virtual payments.
In a recent study conducted by MasterCard, 75% of people said they pay their bills digitally, and another 14% said they plan to pay their bills digitally in the future.
Today’s insurance consumers have carried over their digital experiences from retail, banking, and hospitality and now expect the same type of experience from their insurance providers. According to a survey conducted by InvoiceCloud:
- 79% of consumers prefer to make payments through digital channels
- 80% of satisfied consumers are more likely to renew their policies via Autopay
Billing and payments have moved from a back office function to playing a vital role in the customer experience.
To help carriers, MGAs, agents, and brokers meet rising customer expectations, InsurePay announced the release of two NEW digital payment solutions for the U.S. insurance market.
Website Payment Widgets
Today’s policyholders want flexibility and options when it comes to paying their insurance premiums. 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 that offer multiple payment options, including all major credit cards, debit cards, and ACH payments. In addition, insurers can also pass along convenience fees to policyholders to reduce the costs associated with digital payments.
Pay-As-You-Go Credit Card Premium Payments
Cash flow is king for small business owners. This is why pay-as-you-go workers’ compensation coverage has gone from “nice to have” to “must have” over the last two years.
InsurePay is taking things one step further by integrating credit card premium payment options into our pay-as-you-go platform. Our web-based platform allows policyholders to pay their premiums directly to insurers (without the high processing costs associated with traditional solutions) via credit card.
Built Specifically for U.S. Insurers
InsurePay’s new Premium Payment solutions were built by insurance professionals for insurance professionals. Our premium payment solutions meet all regulatory compliance requirements.
In addition, InsurePay’s Premium Payment solutions are integrated with all of the major AMS platforms and also allow insurers to send client-specific payment requests (email and text) directly from their AMS system or our payments portal.
See How InsurePay Can Boost Your Customer Acquisition and Retention Efforts
Since 2003, InsurePay has been helping insurers of all shapes and sizes boost their customer acquisition and retention efforts by offering flexible billing and payment solutions.
So far this year, InsurePay processed over $5 billion in insurance premiums for 530+ carriers, agents, and brokers.