January 2021 – This report is a digest of recent Novarica research on how changes in technology are affecting insurers’ billing capabilities, processes, and results.
Billing is transforming from a back-office process to an opportunity for insurers to demonstrate superior customer experience by supporting multiple billing methods, channels, devices, and payment methods.
As the most frequent customer touchpoint, billing capabilities have a major impact on customer experience (CX). Being able to provide accurate information and a seamless payment experience is a critical component. Effective use of analytics to avoid costly and disruptive cancellations and reinstatements improves CX and reduces operating costs.
This report presents a digest of Novarica research on the topic of billing culled from reports on business and technology trends, technology-enabled capabilities, the impact of emerging technology, and core systems plans as well as vendor information and insurer case studies.
Source reports are listed in the appendix.
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