Property and casualty insurers throughout the world recognize the impact that customer service has on customer satisfaction, retention, and ultimately, the bottom line. However, few carriers realize the role that billing plays in achieving customer service excellence.
Billing is largely viewed as a back-office function, critically important to maintaining positive cash flow, but often overlooked in customer service initiatives. As a result, carriers continue to run their businesses on aging legacy billing systems that can’t support emerging customer needs and expectations.
Customers expect flexibility from carriers – not just in the products they offer but in the ways those products are sold. Beyond accurate statements and timely resolution of billing discrepancies, customers expect payment plans that meet their needs, and the ability to make payments in the method of their choice. As competition for good customers intensifies, the carriers who are able to meet these needs will emerge with a significant competitive advantage.
Billing represents a largely untapped opportunity to elevate customer service and positively impact renewal rates in a few key ways:This paper will explore these three facets of billing and the ways that carriers can leverage the billing function to achieve customer service excellence.