3 min read
The Claim Payment Challenge: Simplifying Multi-Party Payments (part 1)
Not only is paper check payment much slower (5-7 days) and more expensive (10x more) than digital payments, but it also...
3 min read
The Claim Payment Challenge: Simplifying Multi-Party Payments (part 1)
Not only is paper check payment much slower (5-7 days) and more expensive (10x more) than digital payments, but it also comes with four inherent insurer payment challenges: multi-party payments, lienholder payments, mortgagee payments, and vendor payments. In this four-part series, we’ll discuss these insurance payment challenges and how digital transformation addresses them. We’ll provide an overview of multi-party payments in part 1, further delve into total loss lienholder payments in part 2, learn about the complexities of mortgagee property claim payments in part 3, and finally take a look at the world of vendor payments in part 4.
3 min read
How to Reduce Time-to-Close Through Automation
In the claims process, speed matters. The 2019 J.D. Power U.S. Auto Claims Satisfaction Study found that customer satisfaction with the claims process had reached an all-time high, an improvement that was fueled by shorter cycle times.
Topics: Technology & Innovation Claims
3 min read
The Four C’s of a Modern Customer Experience
Want to keep your policyholders? Then you better keep them happy. There are almost no second chances. In today’s switching economy, you can’t count on loyalty.
Topics: Customer Experience
3 min read
Sharpen Your Combined Ratio with Three Digital Insurance Advancements
Insurers are under increased pressure to improve their profitability, and digitalization provides a clear way forward.
Topics: Technology & Innovation Profits & Loss
3 min read
The Critical Role of Digital Payments in a Remote Insurance Environment
Although the pandemic continues to send economic shockwaves throughout the insurance industry, the degree and scope of impact has not been evenly distributed. Much of this disparity can be attributed to the digital infrastructure within each organization, as widespread social distancing mandates have forced businesses and consumers to abandon traditional in-person interactions in favor of remote access alternatives.
