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The Pandemic Has Boosted Mobile Payments – But There’s Still Potential for Insurers to Tap
In March 2020, the Merriam-Webster Dictionary added contactless to its word list1. They define it as relating to or...
If your organization has yet to embark upon the inevitable digital journey that lies ahead, here are a few important reasons to consider taking that first step sooner, rather than later.
1. Digital insurance is on the rise.
New, agile insurtech companies are quickly entering the market, and consumers are switching providers with ease. To stay competitive, insurers must modernize their technology and refresh their customer experience.
2. Customers expect digital.
Consumers have come to expect the full “Amazon experience” from all their preferred brands. At a minimum, they want unobstructed efficiency, a variety of digital engagement options, and personalized communications.
3. Going digital saves money.
Paper is more expensive than most people realize. Costs include materials (checks, paper reams, ink, packaging); processing (shipping, storage, shredding; printer maintenance); labor (prepping, printing, mailing, handling customer inquiries); and security issues (lost mail, check fraud).
4. Digital is good for the planet.
One of the largest industrial polluters, paper uses over 40% of all industrial wood traded globally and comprises a third of the landfills in the United States. Reducing your reliance on paper is a huge step towards protecting the environment, and your customers will love you for it.
5. It’s never been easier to go digital!
Going digital doesn’t have to be all-or-nothing. In fact, the most successful digital transformations usually begin with a few key operational adjustments. As you develop your digital strategy, identify which areas of your organization would be the easiest to upgrade, while creating the biggest possible impact on the company and customer experience. Examples include digital payments, multi-channel communications, and mobile engagement.
To borrow from a common tree-planting axiom: the best time for insurance companies to go digital was five years ago. The second-best time is right now.
If you'd like to learn more about how the One Inc Digital Payments Platform can help your company start your digital journey, contact us today.
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Patricia is passionate about helping insurers continue to achieve success in a rapidly changing industry. She offers news, insights, and tips to help you modernize your organization, boost efficiency, and provide a superior customer experience for today’s policyholders.
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