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Is legacy technology holding your business back? For insurers, outdated claims and billing processes don’t just increase operational costs, they undermine customer satisfaction and risk competitive relevance. That’s why digital transformation is no longer optional. It’s a necessity for survival in today’s fast-evolving insurance ecosystem.
Organizations that invest in digital transformation are already reaping the rewards. According to McKinsey, enterprises with high-performing IT organizations enjoy up to 35% higher revenue growth and 10% higher profit margins.1
For insurance leaders, the message is clear: it's time to adapt. By integrating modern digital insurance payment platforms with insurance core systems, insurers can transform claims and billing operations. This approach delivers faster, more secure, digital-first experiences and processes that reduce costs and enhance customer satisfaction. Together, digital-first insurance workflows transform claims and billing operations, delivering faster, more secure, digital-first experiences and processes that reduce costs and elevate customer satisfaction.
Insurers have long relied on legacy systems, which are quickly becoming inadequate to meeting modern demands for flexibility, efficiency, and transparency. These outdated processes come with significant drawbacks:
By consolidating payment processes into a single platform, insurers can eliminate inefficiencies. This approach enables faster claims payments, supports self-service options, and offers flexibility for policyholders to choose their preferred payment methods.
This combination of purpose-built insurance functionality not only reduces operational costs but also reinforces trust between insurers and their customers.
Processing traditional paper checks can cost insurers $6 to $8 per check, according to Bank of America,2 and administrative expenses are even higher when factoring in hidden costs like fraud, escheatment, and dispute resolution.
By adopting digital-first payment systems, insurers can significantly reduce these legacy costs, often replacing 60% to 80% of outbound checks with digital alternatives.
Self-service functionality, along with automated payments and reminders, offers distinct advantages to both insureds and insurers, streamlining legacy processes and reducing call center volumes.
Carriers managing payouts to contractors, repair shops, and other vendors often contend with thousands of paper checks annually. By leveraging an extensive vendor network, insurers can digitize up to 80% of outbound payments, eliminating waste and reducing processing times.
Ultimately, digital insurance payments foster a smoother, more reliable insurance experience across the insurance ecosystem. They help insureds maintain uninterrupted coverage with ease and enable insurers to operate more efficiently, build customer loyalty, and safeguard their bottom line.
Real-World Win: A multi-line insurer partnered with One Inc to digitize vendor payments, achieving 78% digital adoption, plus 96% of policyholders and claimants now select faster digital payments.3
"Want to hear more real-world insights? Drago Dzerve, One Inc’s SVP of business development, recently joined Chris Bennett, Origami Risk’s Chief of Strategy, Core Solutions, to discuss how digital payments are revolutionizing claims and billing processes. Watch the webinar here to learn actionable strategies for driving efficiency and customer satisfaction."
Combining One Inc’s payment capabilities with Origami Risk’s robust core platform goes beyond innovation. Technology partnerships like this offer insurers a true competitive edge in delivering operational excellence.
One Inc’s client-proven integration with Origami Risk allows for rapid deployment while minimizing implementation risk. This reduces the disruption often associated with modern technology adoption, enabling insurers to:
The key to One Inc’s appeal is its adaptability. Insurers can configure insurance workflows tailored to their operational needs while engaging policyholders via email, text messages, mobile apps, and whatever comes next, so you can meet customers wherever they go.
Are you ready to modernize your payment offerings to do more for your customers? One Inc provides a cloud-based, scalable payment platform that enables innovation and growth.
By leveraging our next-gen technology and ecosystem partnerships, we orchestrate a simplified, seamless, and elegant customer payment experience. With One Inc by your side, continually adding value, cloud-based digital payment success is achievable. Learn more.
Tags: Digital Payments
