How Digital Payments Can Help Improve Insurers’ Profitability
About this talk
Against headwinds including raising inflation, increasing natural catastrophe claims, and growing competition, Property and Casualty (P&C) insurers are facing increasing pressure to write profitable business. While insurers often focus on improving their catastrophe and actuarial modeling for accurate yet profitable premium predictions, improving back-office functions like manual underwriting processes, and ensuring seamless experiences for policyholders to pay premiums and receive claims, could also have an impact. For instance, a recent study shows that certain P&C insurers could increase their revenues by up to 28% within five years, reduce claims payouts by as much 19% and cut policy administration costs by as much as 72% by implementing digital technologies in their operations. Innovative insurers are striving to provide this seamless inbound and outbound payments experience by using digital platforms that are aligned with customer’s preferences to potentially boost policyholder retention and acquisition.
Join Insider Engage, in partnership with Worldpay from FIS, for a free webinar, 10:30 ET, Nov. 17, as we explore how digitizing premium payments and claims disbursements could help shave points from insurers’ loss adjustment expenses and combined ratios, while improving the policyholder experience.
--What challenges do your customers face when buying a policy?
--How failing to meet changing customer habits will cost you business?
--How removing friction from your payment systems lowers customer acquisition costs?
--The best products to leverage with digital payments now?
--Why allowing customers a broader choice to pay the way they prefer best could reduce your costs?
Alex Orechoff, Vertical Growth Director, Financial Services, Worldpay from FIS
Clement Demetz, Chief Financial Officer from SCOR
Phillip McGriskin, CEO, Vitesse PSP Limited
Julian Schoemig, Co-Founder and CEO, Diesta