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How to Facilitate Convenient and Secure Phone Payments

Insurers recognize the value of customer experience for customer loyalty and acknowledge the impact of changing customer expectations on their organizations. Insurers also realize that optimizing the customer experience requires more than just providing mobile apps and standing up self-service portals.

Choice, Convenience, and Human Interaction

Today’s insurance customers expect choice, convenience, and consistency. According to PwC research, customers also want friendliness – all within a frictionless experience.1 And although we’re living in an increasingly connected world where consumers have embraced digital options, their research found that 82% of consumers actually desired more human interaction in their transactions. Additionally, they wanted the technology supporting that human interaction to be seamless.

Security Is Also Crucial

Top notch security is another baseline expectation. Consumers are bombarded with headlines about data breaches and ransomware attacks. They know that they’re at risk for identity theft, and some have already experienced that firsthand. Now they want companies to step up and keep their information safe.

Consumer Reports found that 74% of consumers are at least moderately concerned about personal data privacy, and 96% of Americans think more needs to be done to make sure companies protect the privacy of their customers.2

The bottom line is clear. Consumers want to know their sensitive data is in good hands. If you can’t reassure them, they might not want to do business with you.

What About Insurance Payments by Phone?

Despite the rise of new digital options, policyholders often still call to make their insurance premium payments. This actually happens more frequently than one would think. Research from Aite shows that many consumers still use the phone to make both one-time and recurring payments. The study found that more than one in ten one-time insurance premium payments and more than one in four recurring premium payments are paid by phone.3  

The Payment Card Industry (PCI) established a set of security standards by which any company that accepts, stores, transmits, or otherwise processes payment card transactions must adhere. So, insurers know that when call centers accept payments over the phone, and gather sensitive payment information verbally, it increases security risks and PCI liability — not a good situation for anyone.

Creating Seamless, Secure Phone Service

Since both policyholders and insurers need a seamless and secure option for capturing this sensitive payment information over the phone, what alternative do they have?

With the availability of One Inc’s CSR Payment Modal, a call center representative can send a policyholder a link via email or text that allows them to securely input their payment instrument information and make their insurance premium payment.

If desired, the representative can even stay on the line to confirm that the link was received and assist the policyholder, who then uses that link to securely input the payment method and complete the payment.

As another alternative, One Inc’s CSR Payment Modal offers a secure IVR option that can be initiated to securely capture the policyholder’s payment method and complete the payment while the policyholder is still on the call with the CSR.

Leveraging this capability allows insurers to meet customer needs by providing technology that supports human interaction and increases security, all while providing a seamless experience that increases customer retention and overall satisfaction.

Everyone Benefits

It’s a win-win situation:

  • The policyholder benefits from the choice of channel (email, text, or IVR) and from having a fast, secure payment option.
  • The insurer benefits from simplified PCI-DSS compliance and reduced burden on call center representatives.
  • Everyone benefits from an improved experience.

How to Get Started

One Inc’s Service Center Solutions provide convenience, increased security, and a streamlined experience for policyholders making insurance premium payments over the phone. Empower your CSRs and lessen your PCI compliance liability today. 

Contact us to learn more.

Sources:

  1. https://www.pwc.com/us/en/zz-test/assets/pwc-consumer-intelligence-series-customer-experience.pdf
  2. https://www.consumerreports.org/media-room/press-releases/2020/10/consumer-reports-study-finds-marketplace-demand-for-privacy-and-security/
  3. https://aite-novarica.com/report/how-americans-pay-their-bills-sizing-bill-pay-channels-and-methods-2020-update

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The One Inc Content Team strives to provide valuable insights about digital trends and payments innovation for the insurance community.

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