Insurance and credit management: Prevention is better than cure
Insurance has been around for more than 3,500 years and today there are many different kinds of insurance for both private and business customers. Insurance protects the policyholder from the financial consequences of a risk they are unable or unwilling to accept. Yet most people and businesses rarely think about insurance. They only become aware of its importance when they need to make a claim. Now more than ever before, insurance customers expect fast and efficient service in exchange for their monthly premium. The insurance industry is at a crossway.
The importance of credit management in the insurance market
In recent years the insurance industry has undergone the same kind of transformation as the banking sector. Traditional insurers appear to be losing ground to new, smaller players chosen by a growing number of customers because they provide specific services with the right technology. The competition is increasing, the technology is accelerating and customers are increasingly critical. They expect their insurer to match the level of service offered by other insurance providers. Furthermore, they want to be able to reach their insurer 24 hours a day, seven days a week. They also want real-time data, online self-service options and personalised communication and service based on customer data. How can insurance companies make sure that they stay distinctive and relevant in a world dominated by technological innovation, high customer expectations, changing regulatory requirements and competitive newcomers? This whitepaper looks at how the insurance market and individual insurers can improve customer satisfaction and cash flow by optimising their order-to-cash process.