Here are the requirements you should set for a digital invoicing platform for insurance companies

With the help of digital tools, your insurance company can streamline processes related to invoicing and payment to save time and resources, which in turn improves the company's combined ratio. But digitalization itself is not a magic wand that makes time-consuming administration around invoicing and payment disappear in a second.

Digitalization's most common pitfalls

Have you ever tried to push through a digital change project in an organization with a complex IT structure? What was supposed to be the solution to all your problems might have led to lengthy implementation processes that kept the IT department busy full-time for several months. Of course, you don't want to repeat that mistake.

If you instead outsource the entire management of invoicing and payment, there's a risk of losing control over important parts of your customers' experience of you as a provider, which is especially serious in the insurance industry, where security and trust are paramount.

Another common pitfall is getting stuck with a system that then doesn't evolve at the pace of the market. The supplier who seemed like a perfect match at the beginning may soon prove to lack the capacity to add new functionality as your needs change.

To avoid ending up in these situations, it's important to set the right requirements for a digital partner for invoicing and payment.

The four most important requirements your partner for invoice management and payment needs to meet

1. Consistent experience—regardless of channel Your customers deserve to have the same smooth user experience throughout the entire payment process, whether they encounter you in the app, by email, SMS, or in "My Pages." They should also not have to log in to new places or download yet another app to pay their premium or ask questions about the invoice. With Billogram as your digital partner for invoice management and payment, you not only offer your customers a cohesive, channel-independent omni-experience—you can also follow their journey on one and the same platform. This gives you valuable insights from user data and more opportunities to convert customers to desired payment methods and contact channels.

2. Control over the customer relationship and brand Customers should be able to encounter the same trusted brand regardless of channel. Since Billogram's platform is a white-label solution, you can offer customers smoother payment experiences—without losing control over the relationship or their perception of you as a provider. A white-label solution also gives you a better opportunity to structure flows in a way that suits your customer base.

3. Scalable, complete, and future-proof Your customers already have different preferences for how they want to pay today. They are unlikely to expect fewer choices in the future. Instead of spending your own resources on monitoring market trends and updating your systems—or adding a new external partner for each addition—you should choose a comprehensive solution that is flexible and future-proof from the start. Billogram's platform is continuously developed as the market, regulations, and technical possibilities change. This means you always have a complete and up-to-date range of payment options.

4. Easy to integrate with your existing IT structure Last but not least, we come to the important implementation. For it to be as quick and smooth as possible, you need to choose a solution that can be integrated with your current IT structure—no matter how complex it is. This is also one of the main strengths of Billogram's platform. It is based on your existing setup and the invoice data you already generate to distribute invoices to customers. You do not need to discontinue or consolidate the systems you use today or start working in a new interface. For the car insurance company Paydrive, for example, it took only ten days from signed agreement to a fully implemented Billogram platform.

A payment solution that delivers results

Is your insurance company ready to upgrade your customers' payment experience and at the same time save internal resources? Billogram's platform helps you to:

• Increase conversion from signed to paid insurance

• Increase the renewal rate of your insurance policies

• Reduce the number of late and incorrect payments

• Strengthen cross-selling of insurance directly on the invoice

• Improve your hit rate on direct debit payments

• Reduce the number of inquiries to customer service

• Minimize your internal administration related to invoicing and payment

Does it sound interesting? Contact us and we will review your challenges and develop a solution that suits your company.