Over the last two years, carriers, agents, and brokers have accelerated their digital initiatives due to the pandemic and rising customer expectations.
According to a Deloitte Institute for Financial Services study, 96% of insurers reported they were focused on accelerating digital transformation initiatives to improve the customer experience and enhance operations.
For personal and commercial lines carriers, this means providing policyholders, agents, and brokers with choices regarding inbound & outbound payment methods (e.g., Credit Cards, ACH/EFT, Financing, etc.) and offering flexible billing options like Pay-As-You-Go.
In the sections below, we’re going to demonstrate four ways how InsurePay’s digital billing and payments solutions are helping carriers, agents, and brokers to boost customer retention and reduce operational costs throughout the policy lifecycle.