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.
Policyholders can walk away at any time. Payments are the centerpiece of your retention and persistency efforts, and must be treated as such.
Between processing fees, network security resources, compliance procedures, and time spent reconciling, admin expenses add up quickly.
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.
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:
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.
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.
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.
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:
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
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
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.
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:
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.
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.
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.