How Automating Premium Payments Reduces Costs and Workloads

Inflation's impact on insurance costs urges automation in premium payments to ease workload, enhance customer experience, and cut expenses.


The challenges of inflation have significantly impacted our nation, and the insurance industry is no exception. Despite hopeful projections that inflation will be regulated by the end of 2024, the current situation is becoming increasingly expensive for businesses, particularly insurance organizations. Inflation, coupled with supply chain issues, has resulted in a substantial rise in costs, especially in the form of claims spending. Estimates suggest that underlying inflation contributed around 45 to 50% of the total increase in claims spending by the end of 2021, and this trend has persisted through 2022 and into 2023. 

However, it’s not just costs that have been affected; workloads within the insurance industry have also been swelling, leading to higher rates of burnout among employees. This combination of factors poses a significant risk to both the insurance workforce and the financial bottom line of organizations. In order to navigate these challenges, insurers need to effectively combat the rising workloads and costs they are facing—and that’s where automating premium payments can help. 

Read More Here


Sponsored by ITL Partner: InvoiceCloud

ITL Partner: InvoiceCloud

Profile picture for user InvoiceCloudpartner

ITL Partner: InvoiceCloud

InvoiceCloud pioneered Software as a Service (SaaS) in the electronic bill presentment and payment (EBPP) industry. We help insurers increase customer, agent, and employee satisfaction while streamlining the payment process and maximizing operational efficiencies. Our easy-to-use platform improves policyholder retention by removing friction from your most frequent and sensitive customer interactions from premium payments to digital disbursements. Our true SaaS solution delivers the latest innovations immediately without costly customizations.


Read More