P&C Insurance: Consumer Bill Payment Preferences & What’s Ahead (Webinar Recap)

What you'll learn

• In 2018, web-based payment channels handled more than three-quarters of all P&C Insurance payments value on Orbipay EBPP. - Debit cards were used most frequently by P&C Insurance policyholders, but ACH accounted for highest percentage value of transactions. - An opportunity remains for P&C Insurance companies to encourage policyholders toward less expensive funding methods to help reduce their overall cost of accepting bill payments. - There was a significant preference for One Time payments and therefore an opportunity to encourage more policyholders toward AutoPay. - Moving to cloud computing can create dynamic scale for P&C Insurance carriers to seamlessly accommodate surge periods of premium payments (beginning and end of the month, for example). - Blockchain can be a powerful tool to combine insurance data from various sources and distribute it securely to stakeholders. - In addition, blockchain can address some of the highly manual processes associated with P&C Insurance and allow new types of highly targeted insurance (flight delay insurance, for example) to be developed. - Digital disbursements can help P&C Insurance carriers deliver a more modern claims payout experience to their policyholders than traditional paper checks.

Topics covered