From talent shortages and compliance issues to rising costs and more, insurers are facing some major headwinds these days. One of their biggest challenges is keeping up with the rapidly changing expectations and needs of policyholders. Luckily for insurers, the answer to many operational woes and what their policyholders want are one and the same: more accessible self-service routes.
For policyholders, being able to self-serve makes their online payment experience quick and painless. It enables them to pay their bill (sometimes in just one click) and eliminates the need to call an office or balance a checkbook. The convenience can go even further — if policyholders sign up for AutoPay, they don’t even need to think about completing the payment each month, it’ll be automatically done for them!
On the other hand, insurers appreciate self-service because it provides policyholders with the digital payment options they demand while making up for internal talent shortages and lack of resources.
So, how can organizations clear a path to self-service? By removing friction and focusing less on fuel. “Fuel” refers to simple and quick things that can incite change (think: offering discounts or special product features). Friction, in the world of payments, is used to describe touchpoints along the payment route that are unnecessarily difficult for customers to use or understand.
For insurers, focusing less on superfluous features (fuel) and focusing more on removing friction (offering a streamlined online payment process) can have immense benefits for their organization and more importantly, their policyholders.
- How insurers can strategically eliminate friction and drive ideal policyholder behaviors
- What the concept of “adding fuel” is and why it’s ineffective for driving business results
- Which engagement points insurers should maximize to conserve staff time, impress policyholders, and more.