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From customer service to marketing to sales forecasting, nearly every business function benefits from going digital. Insurance is no different. A recent report found that highly digital insurance agencies had a 70% greater growth rate than their less-digital counterparts.

That's why digitalization in areas like claims processing, underwriting, customer service and setting risk is increasing. But one area is still warming up to digital — premium payment processing.

That all may be changing, however. Agents can no longer ignore the significant gains brought about by digital payment processing — gains that can positively affect the trajectory of their business and contribute to an even higher growth rate. At the same time, newer technologies such as artificial intelligence and machine learning are helping make these processes more effective and secure.