As a result of the coronavirus pandemic, many insurance customers are facing financial hardship and may have difficulty making their payments on time. To provide relief for these customers, insurance companies can offer flexible terms and streamlined payment options with automated billing software.
To support loyal customers and ensure consistent payments, insurance companies can offer these four options with billing technology:
- Change billing methods at any time with auto-reconciliation. A common scenario of changing billing methods is switching from an annual payment plan to a monthly plan. If a customer was originally planning to make an annual payment for their entire premium up front and is now experiencing financial hardship, having the option to switch to a monthly payment plan can help alleviate this burden and ensure they can keep their coverage. With integrated insurance billing software, their payment plan can be instantly adjusted to spread out the single annual payment into monthly installments, and the system will reconcile the changes automatically.
- Extend due dates upon request. In certain circumstances, customers may have difficulty making their payment deadlines. If a customer is falling on hard times, insurance billing software users have the control and flexibility to extend due dates for individual customers. Offering this flexibility can help customers overcome temporary setbacks without losing their coverage. Customers will appreciate this flexibility and service, which will likely improve their long-term loyalty.
- Provide online payment intake with credit cards and ACH. With so many people working remotely and staying home more than usual, flexible payment options are not only convenient, but essential. With the ability to make payments online with a credit card or ACH, customers are spared the inconvenience of waiting on long mailing times and the physical exchange of paper documents. Making payments as simple and easy as possible with insurance billing software will improve customer satisfaction and ensure that you receive payments promptly and accurately.
- Adapt to market changes with user-configurable settings and reports. With customizable reports and dashboards, insurance professionals can monitor workflows and emerging trends to improve customer service. Modern billing software can automate the execution of processes and distribution of reports based on a workflow or event date. Users can choose from a library of standard reports, dashboards, and letters or easily create their own. Insurance professionals can communicate findings effectively to customers and help mitigate the rising costs of premiums.
With modern billing technology, insurance companies can help customers remain covered even when unforeseen challenges arise. As an organization in the business of preparing for the unexpected, offering flexible payment options can improve customer satisfaction and provide peace of mind in trying times.
To learn more about how to improve efficiency and customer service with insurance billing software, contact Morgan Barlet, Product Manager.