Transforming insurance billing to gain competitive edge – PWC

Article Synopsis :

Billing interaction is one of the most important customer touch point for insurers. Moder customers expect bills that are transparent, consistent, informative and with payment integration through multiple digital channels. Insurers should recognize the importance of billing system in enhancing customer loyalty and generating cross selling opportunity.

Billing – a digital opportunity to connect with your customers?

PWC. in its Financial Services Institute report “Transforming insurance billing to gain competitive edge”, discusses how insurers can better understand their billing interaction touch point and transform the same to differentiate themselves in a competitive marketplace. As per the report, insurers need to focus on five critical areas that affect customer interactions and promote operational efficiency while undergoing billing transformation:

1. Implement and promote e-billing
2. Offer multiple e-payment options
3. Enhance customer self-service
4. Deliver targeted communications
5. Implement configurable systems to support product innovation

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