New Billing Systems May Set Some P&C Insurers Apart
Policy management technology is looking to be the next big marketing advantage for some property-casualty insurers.
In an article pulished by the Insurance News Net, Gary Gilbert, CEO of an insurance systems provider in Penn., says that new billing systems allow customers and agencies alike to reap the benefits more versatile payment plans, standalone billing and Web accessibility.
Gilbert contends that insurers that incorporate new technology into their billing practices— and market those practices accordingly—will gain an advantage over the competitors.
How will new billing systems help insurers?
Gilbert points out that billing for multiple policies has been problematic for insurers in the past. Insurers often had to issue multiple bills—and consequently, insureds had to pay multiple bills.
New billing technology will allow insurers to alter and roll effective policy dates and payment plans into one bill, as well as issue the bills in the scheduled time frame of their choosing. Thus, insurers need only issue one bill per month and insureds no longer have to worry about paying multiple insurance premiums throughout the month.
Web accessibility of the new billing systems will also benefit insurers and consumers alike—consumers can log on to see their payment history, claims detail, when their next payment is due, and pay online if they so choose. Agents can log on and see if their insureds are paid up, and lessen the amount of administrative work usually involved with sending out paper bills.
These new technologies stand to streamline processes for insurers and ease the consumer burden of paying multiple bills throughout the month.
You can find Gilbert's article on policy management technology on INN, although you must have a membership to view the full article. But fret not, nonmembers. Gilbert's article has also been published by The National Underwriter (for P&C insurers). You can find the article in the Tech Trends section (p. 20), in the Risk and Benefits Management Edition, January 2006.
