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Web Guide:

How to Seize the Payments Opportunity

1 Laggards Leaders-720p

For laggards, payments are an operational burden. For leaders, payments are a center of excellence that drives retention, decreases cost, and reduces risk.

What are the leaders doing, and how do you become one? Watch and read to learn how to build an industry-leading payments operation by tackling the big three problems in insurance payments.

Tackling the Big Three Problems in Insurance Payments

Icon: Number 1

Retention & Persistency

Policyholders can walk away at any time. Payments are the centerpiece of your retention and persistency efforts, and must be treated as such.

Icon: Number 2

Admin Expenses

Between processing fees, network security resources, compliance procedures, and time spent reconciling, admin expenses add up quickly.

Icon: Number 3

Risk of Data Breach

A data breach isn't just a PR nightmare; it's a breach of trust between you and your customers. It's also an expensive mess to clean up.

Number 1 Retention & Persistency

2 Retention Persistency

In the mind of the consumer, insurance companies don't get a pass on customer experience just because they belong to an "old school" industry. It's time to evolve with the times.

To start the process of delivering a better customer experience, you should begin with payments, because:

  1. They touch every customer,
  2. They are the most frequent interaction insurance companies have with policyholders, and
  3. They are the most painful interaction policyholders have with their insurer.

 

How One Inc Helps You Keep More Customers

Insurance Digital Payments Icon

Get Digital
Believe it or not, some companies still don’t accept credit cards. Even among those that do, the payment options are often limited. One Inc integrates into your current systems to give your policyholders the payments experience they expect and trust.

Insurance Digital Payments - Proactive Icon

Get Proactive
Connect with your customers through the channels the prefer - phone, text, online chat, email, or social media – to create an engaging experience that keeps them coming back. As a bonus, efficient communication also means easier payments.

Insurance Digital Payments - Flexible Icon

Get Flexible
Today’s policyholders want control over their experience. So, we give them the ability to manage their own installment plan, save payment methods, enable auto-pay, and manage their communication preferences – all from your self-serve portal.

Talk to us about how to retain more customers.

Get in Touch 

Number 2Admin Expenses

3 Admin Expenses

Buried in your combined ratio is a line-item called "Admin Expense." If you unpack your admin expenses, you'll likely find the operational cost of taking payments is higher than you thought.

The drivers of cost are:

  1. Processing Fees - Are you getting the best deal?
  2. Network Security - How much time is your IT team spending on preventing payment data from being stolen?
  3. Compliance Procedures - How much did you spend last year on audits and penetration tests for PCI compliance? 
  4. Time-to-Reconcile - How many hours per week does your finance team spend reconciling?

How One Inc Helps Reduce Admin Expenses

Find the Time Icon

Find the Time
From IT to Treasury, you're losing probably dozens, if not hundreds of hours per week lost on compliance procedures and reconciliation. At One Inc, we simplify the PCI compliance process and accelerate the time-to-reconcile with our treasury reporting for insurance.

Find the Money Icon

Find the Money
You're probably paying too much in processing fees. Our intimate knowledge of payment regulations, card brand rules, and state-by-state DOI policies allow us to identify effective ways to save you money on processing fees.

Find a Partner Icon

Find a Partner
Because we're founded by insurance execs, we understand your "how we've always done it" processes. Unlike generic providers, our product is built for the workflow and operations of an insurance company, eliminating costly and unnecessary inefficiencies.

Talk to us about how to reduce your admin expenses.

Get in Touch 

Number 3Risk of Data Breach

4 Security Risk

Anytime money is changing hands online, there is a risk of data theft. The question is, how do you minimize that risk? Failure to implement modern security and compliance measures leads to:

  1. PR nightmare - This one speaks for itself.
  2. Loss of trust - It's bad all around. Your customers won't trust you, and neither will banks and card companies.
  3. Loss of money - The average cost of a data breach in 2017 was $3.62 million (Ponemon Institute). Ouch.

 

How One Inc Reduces the Risk of Payment Data Theft

Stop Storing Icon

Stop Storing
If you’re storing credit card and bank account data on your servers, stop. Just stop. At One Inc, we tokenize all that data so it comes off of your network. Payment data can’t be stolen from your servers because there’s nothing there to steal.

Get Compliant Icon

Get Compliant
It’s amazing how many insurance companies are not PCI compliant. The reason is that most are making it harder than they need to. One Inc is PCI DSS Level 1 certified, which translates to a simplified compliance process for you.

Go Innovate Icon

Go Innovate
One Inc frees up your time, money, and other resources from securing payment data and going through compliance audits, making them available for the innovative projects that will allow you to become an industry leader.

Talk to us about how to reduce the risk of payment data theft.

Get in Touch