The Role of Technology in Meeting Insurance Customer Payment Needs

To stay ahead of competition, insurance agencies can leverage the latest payments technology to maximize their profitability and improve their customer experience, thereby enhancing competitive opportunities.

Customers are demanding convenience – they want to make payments and interact with their agency wherever they are and whenever it’s easiest for them. According to Eric Leiserson, senior research analyst for Fiserv, 23% of insurance bills were paid through a phone app or mobile website last year. This number is only expected to increase with the proliferation of iOS and Android devices in the market. The latest payments technology enables a multi-channel payment approach that will give your customers access to you how and when they need it, but in a way that simplifies your processes through an integrated payments platform.

According to the EY 2013 Global Insurance Outlook, many agencies are “leveraging technology to improve their business models and product offerings, enhancing their value propositions to customers, while restructuring operations and distribution to communicate and transact with customers on their terms.”

Whether your customers want to pay online, in person, via phone or through their mobile device, FTNI offers advanced technology that will process and post all receivables from a single platform. This simplifies the experience both for your customers and for your back-end operations – reducing your costs and saving you valuable time.

What’s more, FTNI provides integrated dashboards so you can see all your payments detail in a glance. This not only helps improve customer service, it helps you analyze customer profitability, emerging patterns, and improve decision making – all enhancing your competitiveness.

To find out about other ways you can gain competitive advantage, download our eBook, The Essential Guide to Payments Processing for Insurance Providers: Eight Key Steps to Growing Revenue and Improving the Customer Experience. Download it for free here.