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Category: payments Claims

Top 3 Reasons You Should Switch to Digital Claims Payments

The seemingly simple function of disbursing payments is more complex for insurance than for other industries. Because the process of settling and paying a claim involves a specific set of procedures and regulations, insurers have been largely limited to good ol’ fashioned checks and snail-mail… until now. Today, insurers are racing to take advantage of new digital payment platforms built...

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Category: payments Claims

Speed Matters: 3 Reasons Why Faster Claims are Better for Insurers

  What’s in a Claim Often referred to as “the moment of truth,” a claim represents the intersection of a predictable risk calculated by the insurer with an unplanned, adverse event in the life of the insured. It’s not hard to understand why claims is often characterized as the most significant touch-point in the provider-policyholder relationship. You could be offering unrivaled quotes, ...

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Category: payments

How to Lower Your Combined Ratio by Reducing Admin Expenses

As part of a heavily regulated field, insurance companies are limited in options when it comes to increasing profit margins outside of investment revenue. In this article, we’ll explore those limitations and discuss how re-configuring your operations around payments can help you lower your combined ratio.   Industry Regulations Most other types of businesses can affect their bottom line ...

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Category: payments

Mission Critical: Customer Retention vs. Acquisition in Insurance (Part 2)

Unique Challenges and Solutions In Part 1 of this series, we learned that it costs five-to-nine times more to acquire a new policyholder than it does to keep one. Additionally, existing customers have a higher potential to buy new products and refer your brand to friends and family, creating a more significant revenue impact than bringing in a new customer. Despite this discrepancy, many...

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