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Why Insurers are Dumping Generic Payment Processing
By Scott Fallon, VP, Marketing

I recently moved from Washington state to California. The moving truck driver—an owner-operator—was from Boston and ended up stuck on the west coast for two weeks because it was over Thanksgiving. Obviously, he wasn’t home to get his mail during that time.

What if he could receive a text while on the road which let him renew his policy with a simple 'yes' response?

Chris Ewing speaking at event
Stepping off the Curb: Insurers at the Intersection of Insuretech and Core

While it’s clear that the insurtech movement is a force to be reckoned with, the long-term results of the collaboration between innovation, technology start-ups and insurers remains to be seen. On the bright side, factions from both sides share the same goal: to embrace modern technologies, disruption and innovation in order to facilitate improvements in how insurers do business. This is ever more critical now, as consumers grow to expect the same type of customized, yet streamlined services from their insurers that their retail establishments offer them.

Celent Pie Chart
The Payments Function: A Customer Experience Opportunity

How important is the payments function of an insurance organization?  If you think about its reach—to customers, the distribution network and with business partners—and apply it to a host of transactional areas (premiums, commissions, claims, etc.), payments excellence has the ability to foster efficiencies, improve relationships and build trust.