Invoice Cloud, a leading provider of PCI compliant, secure electronic payments and the highest adopting Electronic Bill Presentment and Payment (EBPP) solutions, has enabled California Mutual Insurance Company to implement a payment processing platform that significantly reduced administrative inefficiencies while greatly enhancing the user experience for policyholders.
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Last year, California Mutual successfully transitioned to Invoice Cloud’s platform from its legacy payment processing system, which could be difficult to use, lacked self-service functionality, and was not fully integrated with the company’s core policy administration system. Since implementation, California Mutual has seen e-payment adoption rise by over 150 percent and paperless enrollment increase 15-fold.
“Invoice Cloud’s seamless integration with our core billing system has improved payment efficiencies so much that we save 15 hours a week in time spent on reconciliations. It has made our lives so much easier, and allows us to focus on more strategic priorities,” said Cheri Schmidt, Chief Financial Officer/Vice-President of California Mutual. “Our policyholders find Invoice Cloud easy for setting up recurring payments and retaining payment preferences, with invoice and payment history at their fingertips.”
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The premium payment process is one of the most important and frequent touchpoints between insurance companies and their insured policyholders. A recent Invoice Cloud survey of more than 1,000 insurers found that positive online customer experiences are driven primarily by online payment systems that are simple and convenient to use, and make it easy to enroll in automatic payments and paperless billing. Invoice Cloud developed a research report based on the survey called “Customer Experience in the Insurance Industry” to share its insights.
“The research shows us that the online payment experience is a critical factor that impacts overall policyholder satisfaction levels, and may hold the key to reducing customer churn,” said Tom Griffin, President of Invoice Cloud. “We greatly appreciate the opportunity to support California Mutual on their journey to improving policyholder satisfaction and retention, while reducing their operating costs.”
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