The agency had been using Simply Easier Payments for about 3 years when they switched over to ePayPolicy in 2017. ePayPolicy had a more professional look, especially because they were able to use their branding on their payment page.
4 Ways Insurance Companies Can Prepare for a Recession
The U.S. is now experiencing soaring inflation, supply chain disruptions and geopolitical crises — indicators that the economy is heading for a recession. What can insurance companies do to prepare?
Digitize Payments to Increase Customer Satisfaction…and More
The trend is clear. People today prefer to pay digitally. That includes everything from Amazon purchases to their monthly utility bill – and yes, their insurance premiums! While there are still a few diehard check writers out there, digital transformation is here to stay.
The Many Benefits of Digital Payments
Customer convenience is often cited as the main reason businesses offer digital payments. And statistics bear that out. In a survey of billing executives, 97 percent reported higher customer satisfaction as a benefit of digitizing payments. The report, called “The Digital Edge”, also found other key business benefits, such as: reduced collection times (86.5%), increased operational efficiency (90.8%), cost reductions (81.6%) and gaining a competitive edge (92.3%).
Who wouldn’t want to collect payments faster and more efficiently, at less cost, and gain a competitive edge?
Do Your Research
As you know, the insurance industry has historically not been an early adopter of technology and innovation. However, that is changing. ePayPolicy has customers that have been using our digital payment solution for five or more years.
The pandemic also created a spike in insurtech adoption, as the industry turned to technology for remote team communication, customer relationship management and more. Customers and accounting teams needed no-touch payment options not only because of the risk of Covid, but also because checks being delivered to an empty office was of no use. Many of the habits left by the Covid pandemic are here to stay.
Where to look and what to look for
Which payment system is right for your organization? Read reviews, ask your state association rep (or look on their website for preferred partners), talk to your IMS provider. Which payment processor do they recommend? You want a system that streamlines internal processes, expedites receivables and integrates well with other systems already in place (or planned).
Because of the fiduciary nature of collecting insurance payments, a generic payment system built for retail transactions is likely not the best choice. You will want to focus your search on solutions designed specifically for the insurance industry. This will give way to insurance-specific features like management system integrations, and you can also rest assured that customer support will understand your specific problems when needed.
Try Before You Buy
Compare apples to apples. Understand what your payment processing vendor charges for setup, as well as their monthly subscription fee. Do they offer a free trial? Do you have to sign a multi-year contract? What kind of training/support do they provide?
At ePayPolicy, we offer 60 days free to new users, no contract or set-up fees.
Customer Adoption is Key
According to The Digital Edge survey, one of the biggest hurdles to digitization is employees with insufficient technical skills (59.6%). Be sure to choose a digital payment system that’s easy for your employees to use. After all, they will be the ones behind customer adoption.
Encourage everyone to advocate for digital payments. Announce proudly to customers (and prospects) that you now take payments online. Promote it across your website, newsletters, press releases, ads and social media. This will be welcome news! But don’t count on customers to remember from one payment to the next.
Put a “Pay Now” link on your invoices, in your emails, and a big, can’t-miss button on your website. Show customers how simple it is to pay their premiums through your digital payment portal. Increased loyalty is definitely part of customer satisfaction!
With so many business benefits and literally no downside, isn’t it time to prioritize digital payments?
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This article was written by Joel Zwicker, Evangelist, Agency Revolution
SeibertKeck Makes “Easy” a Client Value Proposition
SeibertKeck is on a mission to change the insurance buying experience. The 100+ year-old, Akron-based agency offers personal and business lines, employee benefits, bonding and professional liability coverage through 17 offices.
EVP of Sales & Operations Tim Able says: “There’s a perception that insurance is hard. We constantly look for ways to make the client experience easier. We push our team to be on the edge of what’s coming, to be subject matter leaders in our field. We offer in-house 24/7/365 claims, and we’re always looking for new technology partners.”
Introducing Digital Payments
SeibertKeck introduced digital payments via ePayPolicy in early 2020. Tim explains the driving forces behind that decision.
- “We have a large book of personal lines, but most of that business is direct bill. As most agencies can relate, the pain was with our agency bill business clients paying by check.
- Technology has reached a point where consumers (including businesses) expect a digital payment option. It’s a requirement to compete in today’s environment.
- The third piece was our own business evolution. We’d grown to the point where we needed a controller. Kevin Speight (now VP of Finance) came in with fresh ideas and worked with our Systems Intelligence Manager. They did a high level review of our accounts receivable and what our clients and the market were asking for.”
Once SeibertKeck made the decision to go digital, ePayPolicy quickly emerged as the vendor of choice. The agency’s research included checking out OIA company partners. They also conferred with their Vertafore contacts and were pleased to learn that ePayPolicy integrates with AMS360*. Tim says their concerns about client privacy and transaction security were allayed by the agency’s IT vendor. “We made sure to dot all the i’s and cross all the t’s.”
With a quick, simple, and seamless installation, SeibertKeck began accepting credit cards and ACH payments — just in time for the pandemic.
Client Response
Initially, there was some pushback. Some clients balked at paying the credit card processing fee. Putting on his sales hat for a minute, Tim describes coaching employees to overcome objections by emphasizing value. “Yes, there is a fee to use ePayPolicy, but it’s more convenient and more secure and faster than paying by check. And you know your policy’s not going to cancel.” Agents will even suggest that a client “try it this one time and see if you like it.”
Over time, SeibertKeck clients have steadily embraced paying digitally, with smaller businesses using it more than larger businesses. “ePayPolicy has made quite an impact. We’re definitely seeing fewer checks,” Tim notes. He adds that 93 percent of the firm’s digital payments are ACH and 7 percent are credit card.
Favorite Feature
Tim answers emphatically: “My favorite thing is that it’s SIMPLE. The interface is fantastic. It looks and feels like any other transaction we do on the internet. That’s what I like. We’re proud to offer a payment interface that’s as simple as Amazon or PayPal, not 100 questions.”
Tim also comments on payment flexibility. People can pay by logging into their SeibertKeck client portal, which integrates to the AMS. Or they can simply go onto agency’s website and pay from there.
Advice to Other Agencies
Tim shares his sales/client service philosophy. “Insurance, and the transaction of insurance, is more than just the premium. The transaction has to be part of the overall experience. Make it all as easy as you can.”
Specific to offering digital payments through ePayPolicy, Tim advises: “Make sure you are partnered with a solid IT vendor. And be transparent with your clients about how to use it and the fees associated with each payment. No surprises.”
Finally, “Make this a part of your sales process. It shows you are current with payment technology. It’s a benefit for them, and they are going to be very happy.”
*ePayPolicy also integrates with other Vertafore products and many other popular management systems.