Frictionless Payments Increase Policyholder Satisfaction: Client Story

Brian Melle

As a member-owned Town Mutual Insurer, Northern Finnish Mutual Insurance Company (NFMI) and their subsidiary, NFM Auto Agency, Inc., sell competitively priced property and casualty insurance products to their policyholders in Northwestern Wisconsin. Many of these policyholders have unique and specific needs, which were not being met by the insurance organization’s out-of-date premium collection system. 

To remain competitive and retain its policyholders, NFMI knew it needed to upgrade its billing and collection system to provide the modern, frictionless payment experience today’s insureds expect while simplifying internal processes to improve the employee experience, as well. 

Limited payment processing capabilities holds NFMI back 

Northern Finnish Mutual’s existing payment solution had grown stagnant; the legacy system was running on old technology, and there was no indication of future advancements in the software. This resulted in a payment process that required a lot of manual labor, causing frustrated policyholders and decreased productivity for staff. 

While the system integrated with their core software, there was a lack of communication with the system’s support team, leaving staff unable to help policyholders with their issues. This not only negatively impacted the customer experience but increased workloads for staff as payment-related calls and in-person payments began to escalate. 

In order to fix these issues, NFMI knew they needed a modern, frictionless payment experience to simplify internal processes and increase self-service adoption. With InvoiceCloud’s industry-leading online payment solution, NFMI was able to improve these issues and much more.  

Frictionless payment process improves experience for all 

InvoiceCloud’s billing and payment solution offered everything NFMI was looking for, including automated technology updates with a cloud-native platform, a secure integration with Northern Mutual’s existing core billing software, and attentive customer support from the InvoiceCloud team. Most importantly, the InvoiceCloud solution is specifically designed to remove friction from all ends of the collection process – which meant NFMI was able to simultaneously offer a painless payment experience for policyholders and decrease workloads for staff.  

The expansive, flexible payment options available through InvoiceCloud’s next-generation payment solutions – including AutoPay, digital wallets like PayPal, guest checkout, one-click pay, and mobile payment options – are a great example of this. These features not only make the payment experience much simpler but help to attract younger policyholders while still catering to existing ones. 

Modern payment system increases policyholder satisfaction and self-service rates 

Just four months after implementing a solution from InvoiceCloud, NFMI saw a number of benefits. In fact, NFMI General Manager, Kathy Beach, attributes the implementation of Invoice Cloud to their ability to compete with larger carriers. 

“With InvoiceCloud we provide the streamlined digital payment experience of a large carrier, mixed with our personal small business service. It’s a win-win, helping us attract younger clients for future business while retaining lifelong clients,” says Beach. 

NFMI experienced many other advantages, including: 

  • More on-time payments 
  • Increased productivity 
  • 56% electronic payment adoption 
  • Increased policyholder satisfaction 

To learn more about Northern Finnish Mutual Insurance and their success with  InvoiceCloud’s digital billing and payment insurance solution, download the full case study here

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