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Insurers offer certainty. As companies with their fingers on the pulse of society, they are flexible and always quick to adapt to the needs of their customers. This is evident in the wide range of products offered; from liability and health insurance to life insurance.
Whatever happens, you can always count on insurers. But where does the responsibility of the insurer end?
Many Europeans have deep debts, making it difficult for them to keep their heads above water. These problematic debts do a lot of harm in the areas of relationships, work and health.
Unfortunately, when customers are in a tough spot, insurance premiums are often among the first bills to go unpaid.
|Successful insurers handle these cases pro-actively by adopting an integrated payment reminder strategy. They listen to customers, think in terms of solutions and translate these into a results-oriented dunning process that works for all involved.|
Problem: limited resources
Customers with payment arrears need to be served as well as possible so that they do not develop into problematic debts. It is important for insurers to take a proactive stance in communicating about late payments and informing their customers about the solutions available to them.
However, at the same time, insurers also have to deal with increasing legislation, complex regulations and very tight budgets.
Insurers need to use resources as efficiently as possible without compromising on the customer experience. The question is how. To answer this question, a Dutch insurer turned to Mi-Pay.
Solution: Mi-Pay Reminders
Mi-Pay works together with insurers to set up a customer-oriented and pro-active debt collection policy. Payment reminders are an important part of this. By making effective use of Business Intelligence, machine learning and marketing techniques, the payment journey is optimized for maximum conversion and customer satisfaction.
Effect: an improved dunning process
The result is a socially responsible debt collection policy that serves the interests of the insurer and the (paying) customer.
Customer-centric digital communication
The insurer now uses an integrated strategy consisting of e-mail, SMS, voicemail, telephone calls and letters by post.
The reminder process used to be started with a traditional letter. Now, e-mail is employed as the first method of contact. With the attached paylink, customers can easily pay their invoice. This change alone considerably reduces the dunning costs.
When appropriate, a link to a personalized interactive video reminder is included in the email, SMS messages and letters. This is an interactive experience that features self-service payment options. While watching the video, the customer is informed about the situation and can easily select a suitable payment arrangement within a few clicks.
Interactive video helps customers get to grips with their situation and is particularly effective among target groups with low literacy levels.
Lastly, the remaining debtors are telephoned by a live agent. By moving this step to a later stage, the number of people to be called is greatly reduced. This results in further cost savings. Moreover, agents now have more time to provide the best possible assistance to customers who need extra attention.
Conclusion: positive change
After implementing Mi-Pay Reminders, this insurance company is paid faster, at lower costs. The more communicative approach also ensures that the number of customers who have problems paying is greatly reduced.
|In the end, the most important thing is that customers are well served and that they have a positive experience when paying invoices, even when things go wrong.|
Mi-Pay looks forward to supporting insurers with their payment challenges and in realizing their ambitions.
For any questions regarding the case study or what Mi-Pay’s reminder solution can do for your business, get in touch with us today!