Order-to-cash and credit management for insurance companies

Improve payment performance by respecting communication preferences

When it comes to insurance, customers have high expectations. They want high-quality, reasonably priced insurance. They expect fast and efficient claim processing and complaint resolution and a straightforward payment process. Nowadays customers also want a wider range of self-service options, including the option of viewing their personal insurance matters online. Self-service is becoming increasingly important. The same goes for communication methods and channels. Invoicing is a good example. For instance, while some customers like to receive their invoices by email, text message or WhatsApp, others prefer to receive invoices by post. So your communication needs to be tailored to the customer’s needs. Insurers that adopt this kind of customer-driven approach are the ones that stand out. This improves your relationship with the customer, so your invoices are paid sooner, and it helps your cash flow. So how do you go about it?

Process optimisation leads to higher cash flow and long-term customer relationships

It is important to optimise your order-to-cash process and tailor it to the needs of your insurance customers. Collect data on your customers, such as creditworthiness, and note their communication preferences, for example e-invoicing. This information will help you segment your customers based on variables such as payment performance, method of communication, or region. You can also use this information to enhance the corresponding automated workflows and dunning strategies. If an invoice is paid on time, no action is needed. If not, direct customer contact may be required to find out why the payment was not made. The customer’s email address may have changed, the invoice may be incorrect or the customer may be experiencing financial difficulties. Contact the customer using their preferred method of communication, register the complaint, note the agreements you make and remain in close contact with the customer until the matter is resolved. Customers will appreciate your service and are more likely to pay your invoice sooner. This increases your cash flow and helps build long-term customer relationships.