The landscape of Insurance business is an ever-changing one with trends coming and going. Sometimes, these trends are in the way of doing business, different methodologies, or the trends that happen due to a change in technology. If there is one facet of the insurance business that the latter has influenced over the last 20 years, it is billing.
This is one facet that seems simple on the surface, it is just an extension of Accounts Receivable, but it goes much deeper than that. When you think about it, billing is the most often interchange between customers and the company. There is so much opportunity there to make many good impressions upon the customer with each dealing they have within a business.
So, why do many companies overlook this simple facet? Complacency is a part of it if it doesn’t seem broken, why fix it? Another reason is the refusal to change with the times, there are so many ways to pay bills these days compared to the late 1990s.
Four simple touchstones of a successful insurance business plan include a focus on customer satisfaction, having experienced Agents in the field, keeping up with new technology, and protection of company and customer data. The technology touchstone is the one that is the most overlooked, and it shouldn’t be as it is vital to success in today’s climate. The fact is that most insurance agents don’t deal with billing and usually must route calls to the billing department. This can lower the customer experience and satisfaction in dealing with billing inquiries or errors. Billing errors can take a bite out of company profits and cause extra headaches on having to correct them.
With customers nowadays using their smartphones and laptops to make payments, it’s crucial for insurance companies to utilize the latest technologies in billing to accommodate today’s clientele. With the stakes and competition as high as they are, the future of your company could depend on it.