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Library: Majesco and Deloitte Report: Rethinking Billing and Payments in the Digital Age

The Majesco and Deloitte report titled “Rethinking Billing and Payments in the Digital Age” discusses how insurers need to adapt to changing customer expectations around billing and payments in the digital age. The report covers key trends shaping this landscape and strategies insurers can adopt.

Key Takeaways:

  • Customers increasingly expect seamless digital experiences from insurers, similar to what they experience with online retailers, including diverse payment options, transparency around billing, and personalized engagement.
  • Legacy IT systems and processes are preventing insurers from delivering digitally-enabled billing and payments, leading to poor customer experiences, high operating costs, and lost revenue from lapsed policies.
  • Insurers recognize billing’s growing importance in customer experience and are rethinking it as an “offensive capability” rather than just a back-office function. This includes exploring emerging areas like usage-based insurance.
  • Operationalizing this requires an enterprise-wide payments strategy and hub to centralize capabilities and data, reduce costs, and improve agility to launch new payment options.
  • The right technology foundations underpin this transformation, notably cloud platforms, APIs, advanced analytics, and modular components to enable flexibility.

Summary Conclusion:

The report argues that next-generation billing and payments capabilities are crucial for insurers to meet rising customer expectations in the digital era. This requires transforming legacy IT environments into modern, customer-centric technology platforms that provide diverse payment options and data to personalize engagement. Insurers that tackle billing and payments as an enterprise-level “offensive capability” will gain advantages in customer experience.

See the full report for more…

Link to Full Article:: click here

Please note the TDI editorial team uses AI to support the creation of this summary, but all content is reviewed and edited before publication.

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