How Insurance Companies Can Innovate Customer Claim Payouts
Consumers today are increasingly digital, particularly when it comes to how they expect to interact with insurance companies. From apps and savvy websites that allow customers to submit quick claims, while on-the-go, today’s market is all about digital.
So why aren’t companies keeping up when it comes to delivering claim payouts through digital means? Insurance companies have figured out how to innovate the customer-facing experience so they can interact digitally, but they haven’t quite determined how to bring that experience full circle when it come to how customer claims are actually paid.
There’s just one problem? While there are plenty of savvy insurance apps and ways to pay online, there’s a customer gap in the disbursement and payout option. As insurance companies it’s critical to have an established customer payout policy for when accidents happen or disasters strike. At the heart of that is having the right enterprise payments platform to tap into when these problems arise. To help enterprises determine what to look for when integrating a solution to manage their payouts process, we’ve gathered a quick list of tips.
A Diversity in Payment Choices
A key phrase you’ll find in the enterprise payments world is the term platform-agnostic. Consumers are no longer restricted to sending and receiving payments through only a few platforms. Today, consumers are rich with options and they expect to receive payouts through those same number of networks. This means you must offer the ability to receive payouts in a method that fits how your customer wants to receive them, and not simply how your company chooses to disperse them. Customer choice is the new customer delight.
Insurance companies looking to be customer-centric must meet their customers across multiple devices, using multiple payment platforms. When thinking about payout strategies for managing insurance claim payouts you must think how they can accommodate customers faster, via digital methods and through a number of platforms. Given the opportunity to provide customer delight in times of friction, insurance companies can leverage digital payouts as a quick solution, but also as a method to personalize the customer experience. Meeting the customer on their terms goes a long way in keeping them happy in times of stress.
Relying on digital payments for insurance claims provide companies the ability to deliver a single party payment that is a recipient’s bank account within seconds of claim approval. Similarly, you put the customer in control by having the option to receive payment through a method they actually use, instead of an antiquated paper check. The right enterprise payments solution provider can also help you eliminate escheatment by proving delivery of all funds
The Need For Speed + Security
Speed, of course, is another key factor to look for when choosing an enterprise solution for your payout processes. When choosing a platform, speed matters, but it cannot trump security. Companies must look for an enterprise payments platform that enables an experience that comes with user authentication, fraud monitoring, integrated workflows, dual account controls and payment reconciliation. That’s just the beginning.
To ensure transactions are able to be securely managed between your company’s systems and your customer’s account, it’s important to rely on a partner that operates across a secure Saas platform. This allows for seamless ERP integration, and it ensures the environment your transacting across is fully secure in order to protect your business and your customer’s payouts. To do so, enterprises should be looking for a partner that serves as more than just a payment rail. Instead, look for a enterprise solution that leverages networks that have already been validated across the industry to manage these types of diverse payments. This includes networks like Amazon Pay, PayPal and other leading services.
The Ability to Provide True Customer Delight
Insurance companies know they need to meet a customer’s needs during times that can be high stress. Customers today expect faster payment options, which means providing a better experience than waiting a few days for a check to arrive in the mail. Particularly for disaster relief payouts, or when significant damage was done to a home or vehicle, time is of the essence. Paper checks aren’t nearly fast, or secure enough, to meet today’s needs.
Work with an enterprise payments solution that can help you ditch ACH payouts and paper checks. There are far less expensive options on the marketplace today. Providing all-digital transactions allow for better fraud monitoring, true receipt verification and faster, more secure reconciliation. Not to mention the complex workflows that come with managing payouts to customers. Find a partner who can integrate with your current A/P processes without adding an extra IT burden to your organization.
By choosing an enterprise payments partner that leverages the latest digital payments networks available in the marketplace, you can quickly adapt to new market trends, demands and technologies. This avenue provides you an easier path to enhancing customer delight during times that are otherwise stressful.
By ditching the paper check traditionally used for insurance claim payouts, an enterprise payments solution to offers digital payouts allows for the immediate distribution of funds, in near real-time, anywhere and anytime. That’s true customer delight, and one that can help set your company apart in an industry that’s increasingly competitive when it comes to boosting customer loyalty.