CHEQUING OUT
A PEOPLE-CENTRIC APPROACH TO INSURANCE PAYMENTS
As leading insurance firms forge ahead with their digital transformation strategies , one of the challenges for brokers and mid-sized specialist insurance companies is understanding how to keep up . Andrea Dunlop , Managing Director at Access PaySuite , a leading provider of payment solutions to mid-sized UK organisations , discusses how we could be taking a different approach to payments in insurance .
Without the same in-house resources and external consultants as larger firms , it can be difficult to deliver the seamless digital experience that today ’ s customers have come to expect from every brand they interact with . But since smaller firms are less likely to be encumbered by legacy systems , allowing them to be nimbler than their larger competitors in an ever-changing economic and regulatory environment and continuously adapting to shifting consumer trends .
One area where brokers and firms of all sizes can achieve significant gains is in the field of payments . While a transactional feature on a website may not appear to be particularly transformative to consumers or even to decision-makers within firms , a strong payment processing strategy can be pivotal to the transformation of a business .
Insurers typically serve a diverse range of customer groups , each with high expectations about how they pay . Some prize convenience and speed above all else , preferring to pay for a policy with a few clicks on their mobile or , even better , biometric authentication . Others prefer to take more time when purchasing an insurance policy , especially if their circumstances are complex or unique or they aren ’ t confident using digital tools .
By leveraging innovative and modern payment systems , insurance firms can effectively cater to all customers while avoiding the burden of high operational costs . Embracing automation in crucial stages of the customer journey enhances efficiency and reduces acquisition costs , as well as the cost-to-serve . Prioritising seamless payment experiences not only safeguards your brand but also amplifies www . intelligentfin . tech
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