In this report, we discuss the key components insurance carriers need to assess when selecting a digital payments provider and the ways in which leading technology can benefit insurers and their insureds
The Five Key Components
Assessing payment providers thoroughly entails more analysis than comparing only merchant services capabilities like interchange rates and routing. Looking beyond this commoditized approach to processing, carriers can gain a competitive advantage with a digital payments platform designed to optimize internal workflows and improve the customer experience.
Due to perceived complexity, the insurance industry has been slower than others to adopt new payment technologies. However, digital payment methods aren’t a novel concept for policyholders. Nearly nine out of 10 U.S. consumers now routinely use one or more digital payment methods,1 and carriers are working to meet this demand by accelerating their own digital transformation — improving their policyholders’ experience while increasing revenue at the same time.
However, to fully realize those business benefits, insurers need to first choose a qualified digital payments provider by evaluating five key components
- The user interface (UI) and user experience (UX)
- Payment types and digital wallet acceptance
- Authorization approvals
- Cost optimization
- Integrations with core systems
This article is posted at oneinc.com
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