How automating the payment experience grows revenue

Given the various challenges impacting the insurance sector, staying ahead of the competition and ensuring customer satisfaction is paramount. One way to achieve these goals, while simultaneously lowering costs and boosting revenue, is by automating the premium billing and payment experience. This innovative approach transforms the way insurance sellers operate, offering benefits that enhance the process for clients and results for businesses.

Increase conversions

Modern payment solutions in other industries mean clients expect a frictionless payment experience everywhere. And now they can have it for their insurance. Every client can now receive a digital invoice with a payment button. Once the client has checked the invoice details they can simply click the button at the bottom of the invoice to pay. 

The combination of linking the invoice details with the ability to pay immediately increases the chances of conversion and also the speed of payment collection. This provides an easy billing and payment experience for both insurance sellers and their clients.

Improve affordability

Imagine every time you send out an invoice, it automatically presents the client with the instalment amounts to pay weekly, fortnightly, monthly, or yearly with the click of a button. No funding portals, no more PDFs. Just one single, digital payment flow, delivered seamlessly.

This simplified billing process ensures that every client can easily select and pay the amount that aligns with their personal or business's financial situation, further increasing the likelihood that clients will accept proposals.

Offer more payment methods

An automated premium payment experience also offers an expanded range of payment methods for clients to choose from, whether it's by credit card, PayTo, direct debit, BPay, or other payment types. With a digital checkout, it's a scalable platform, so any new payment methods the insurance seller wants to include can be added. Ensuring your clients' preferred payment method is available improves their experience and enhances your business outcomes.

Unburden sellers and back office staff

Time is a precious commodity, and automating the premium payment experience can save insurance sellers a considerable amount of it. With less time spent on manual tasks related to the presentation of premium funding and chasing payments, sellers can redirect their efforts towards more fruitful endeavours.

Insurance sellers can instead focus on nurturing existing client relationships and identifying new client opportunities. By shifting their energy to these more vital aspects of their business, sellers can tap into new revenue streams and maximise growth potential.

Using payment technology as a path to growth

Automating the premium payment experience isn't just a technological advancement; it's a transformative strategy that can significantly increase revenue while improving client satisfaction. By simplifying the premium funding process, offering payment flexibility, and freeing up time, insurance sellers can position themselves for success in an increasingly competitive industry. Simfuni is a ready-to-go insurance premium payment platform that integrates into any workflow software to deliver these benefits.

The path to higher revenue is paved with convenience, speed, and a renewed focus on what truly matters – your staff and their clients. Embrace premium payment automation and watch your revenue soar.