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Transforming insurance billing to gain competitive edge – PWC

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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.

The Digital Insurer reports on PWC’s Report on Transforming billing to gain competitive advantage

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

Link to Full Article:: click here

Digital Insurer's Comments

Digital innovators are developing billing solutions that are capable to satisfy customer demand, but the insurers, especially in Asia seem one step behind in implementing them. Insurers need to implement solutions intended to simplify customer’s lives and insurers who fail to recognise this would be left behind.

Keeping customer centricity in mind, billing transformation should aim at:

1. Improving customer relationship
2. Generating cross selling opportunities
3. Gathering data and data analytics to improve operations
4. Getting rid of legacy billing applications/payment integration through multiple channels 

Link to Source:: click here

 

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