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...
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.
Determined to continue serving customers in the face of global crises, many insurance companies have accelerated their technology road-maps, optimizing processes and enhancing communication capabilities to meet the urgent needs of today’s consumers. And as the main touch-point between providers and policyholders, the area of payments has become a primary focus in the industry’s intensified commitment to digital transformation.
The vast majority of B2C companies rely on email and social media for digital communications with their customers. And while both are important parts of a multi-channel engagement strategy, the barrage of daily messages has led to a climate of inbox overload and social ad fatigue. The chances of the recipient opening, reading, and responding to any given message declines as more and more brands compete for consumers’ time and attention.
When most of us think of credit card fraud, we envision the stereotypical thieves, con artists, and hackers. Unscrupulous wrongdoers on a mission to pilfer money, stockpile identities, and wreak general havoc upon the lives of their victims.
The seemingly simple function of disbursing payments is more complex for insurance than for other industries. Because the process of settling and paying a claim involves a specific set of procedures and regulations, insurers have been largely limited to good ol’ fashioned checks and snail-mail… until now.