Insurance Installment Billing Services for Carriers
In an environment of intense market competition, understanding the constantly-evolving expectations of your customer is a major challenge facing the insurance industry today. Companies often struggle to create tangible value for their customers and differentiate themselves in a digitally-driven environment.
The brief transactional nature of an insurance relationship compounds this problem, and seldom provides the time to make a lasting impression. The moments that represent the largest advantage occur at: (A) the point of sale, (B) billing, (C) claims handling, and (D) policy renewal. Aside from these fleeting instances, customers are free to blissfully ignore the insurance company – and their own policy – unless of course, they need you. However, when properly implemented, installment billing can provide a distinct communication advantage for companies.
Billing can be a differentiator, helping carriers to retain customers in a competitive marketplace. Retention is a key benefit, especially given that the cost of acquiring new customers can be up to 10 times the cost of retaining an existing customer.
Billing represents the most visible and most frequently-visited touchpoint. It connects businesses to customers at every single payment and in-between, during most account servicing periods. Identifying touchpoints requires the collaboration of multiple parties. The IT team needs to be in sync with product development, which needs to coordinate with marketing and sales, who need to align messages with the operational component...and so on.
Input 1 is uniquely positioned to prepare your company for the future of insurance. For more than 30 years, our expertise and practical approach have earned us lasting partnerships with major insurance providers nationwide. At Input 1, we rise up to meet the challenges of today's marketplace with an array of technology and servicing standards that set the new bar for excellence.