Billing and the insurance customer experience have become a priority because customers' increasingly sophisticated expectations just can't wait. (Photo: iStock)
Billing has always been a crucial part of the customer experience. In fact, billing self service was one of the first implementation points for Interactive Voice Response (IVR), then web, and now mobile technology. It makes sense given how frequently a bill prompts customers to consider, if only for a moment, the value of their relationship with a product as well as its cost.
When it comes to insurers, however, their ability to keep pace with state-of-the-art technologies has suffered. Generally speaking, there are two main reasons why:
- Siloed legacy systems; and
- Insurers' history of being product-centric, which stands in stark contrast to today's customer-first imperative.
Now, two decades since the founding of PayPal, and several years into the customer-first revolution, insurers are yet again revamping their billing systems with new capabilities that make it easier to do business with them online, anywhere, and anytime customers want.
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