Majesco, a global leader of cloud insurance software solutions for insurance business transformation, announced the availability of a new joint thought leadership report from Deloitte and Majesco which highlights overarching trends within billing and payments and how it is impacting decisions, opportunities, and growth. The report leverages recent market research and executive roundtable discussions from insurance industry executives in late 2021 to answer some tough questions for those trying to navigate a billing and payment environment that is increasingly under pressure to adapt.
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The rapid digital transformation across industries is pulling insurance into the fast lane with billing and payments at the forefront. Mary Meeker’s data indicates that over 60% of transactions are digital in nature, ranging from mobile payments, messenger apps and contactless payments through online commerce sites and buy buttons. In recent Majesco customer research, Gen Z and Millennials are leading the way in use of digital payment apps with strong growth in use Apple Pay, Samsung Pay, company apps, digital wallets like Zelle and Venmo, and Bitcoin. This means that insurers must have a wider range of payment options available for customers to avoid putting customer experiences at risk.
With today’s heightened customer demands as well as exciting new products and services and non-insurance offerings, new billing and payment methods are vital. New channel opportunities and new digital ways of interacting with customers are transforming the role of billing. Billing and payment options are key customer engagement tools. Their flexibility and usability are foundational aspects of the new digital experience.
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“In an era where everything is connected and customer demands are at an all-time high, understanding changing customer expectations and requirements is critical,” says Denise Garth, Chief Strategy Officer at Majesco. “An engaging experience needs to be personalized, relevant and holistic, but to accomplish this, insurers must invest in robust digital and functional capabilities with advanced data and analytics. By leveraging the latest technologies, insurers can offer new payment methods, billing and plans and access to real-time billing, so they can meet rapidly shifting customer expectations, stay ahead of the competition and capture new markets while growing existing markets.”
Once considered to be financial, back-office functions, billing and payments are now at the center of the digital and customer relationship as well as innovative, new products and services. Billing has become a key component in any growth and innovation strategy. A redesigned billing experience can anchor an insurer’s future success and survival. Unfortunately, most billing systems are not prepared to meet higher challenges of service expectations and ultimately customer success. But to remain competitive and take advantage of growing market opportunities, insurers cannot hesitate. They must rethink the billing and payments foundation before the gap becomes insurmountable.
“Defy permanence while designing your billing operating models, technology capabilities, and related commercial agreements,” says Ajay Radhakrishnan, Managing Director, Deloitte. “Place greater value on flexibility, agility, and speed to market, thus creating the room for the adoption of digital capabilities/engagement models that continue to proliferate in the marketplace.”
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