A leading insurer transforms its payment processes
Digital payments innovation has rapidly improved the ability of insurers to better serve their policyholders. To capitalize on this, an east coast-based property and casualty insurer embarked on a major payments transformation to improve its payments process and policyholder experience. It had three goals:
Making the customer experience easier and more streamlined
Syncing the majority of policyholder functions through customer logins
Exceeding customer expectations
The insurer was seeking a partner that shared its dedication to policyholder satisfaction and selected the ACI Speedpay solution to increase the reliability of its payments platform and speed the development of innovative payment options.
“We wanted to make sure we were buying technology that would not only survive but thrive.”
The challenge
A large east coast-based property and casualty insurer was experiencing reliability issues from its long-term payments partner. As it began to look into expanding its geographic footprint, it realized it needed to provide more options and functionality to policyholders.
The solution
After consulting with multiple departments, including IT staff and contact centers, the insurer chose the ACI Speedpay solution to meet its needs. Through this solution, the insurer was able to expand its payment offerings and streamline processes.
The results
The insurer’s dedication to its policyholders’ payments satisfaction paid off almost immediately. To ensure adoption of the new payment options, the insurer created a comprehensive marketing plan that included website announcements, inserts within paper bills and an announcement in the quarterly newsletter. Policyholders quickly began engaging with the new system, resulting in:
75%
of policyholders indicated that they either “like” or “love” the new payments experience
90%
estimated reduction on staff time spent troubleshooting payments
Signficant improvement in the insurer’s Net Promoter Score in the following six months
In addition, the insurer reports that transaction times are significantly less, and automatic payments are up noting that estimates of time spent addressing policyholder billing questions has decreased by up to 90%.
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