Insurance: subscription & payment process digitalisation to increase performance

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The digital transformation is at the heart of insurers’ challenges to stay in the race. The regulatory context and the changes in customer behaviour have an impact on insurers activity as they need to be more flexible, to review the customer relationship management and to adapt their business models and offers.

The insurance sector is currently working on the integration of digital codes for internal reasons and to optimize processes, but not only! They also have to take into account digital distribution channels, multichannel and immediacy expectations and social media to bring their performances to the highest level.  

Customer acquisition, loyalty, customer lifetime value, client satisfaction…. How can insurers take advantage of the digitalisation to increase their activity performances?

A simple and multichannel customer acquisition

The digital transformation of the subscription journey is a real strategic challenge in the acquisition of new subscribers. Whether it is an insurance for professionals or individuals, a property or personal insurance, offering a modern and simple subscriber journey can significantly increase the conversion rate. And this is even more true online, as the customer is completely autonomous.

Besides, for insurers, offering a digital subscription journey contributes to reducing the processing costs and the risks of delinquencies linked to a check payment and a paper-based approach.

Consumers are expecting simplicity in their subscription, but also an immediate subscription to the contract in order to benefit from the service as quickly as possible.

Also, integrating a multichannel approach in the sales strategy is a way to improve customer interactions and it is more efficient to maintain a long-term relationship.

Whether it is online, via email, or in an agency, customers are expecting a homogenous experience that is adapted to each point of interaction, with as little as possible frictions.

In order to address the multichannel need, SlimPay had developed an e-Signature module, that can support simultaneous signature of both documents and SEPA Direct Debits mandates, that fits with all channels:

  • Online: web, mobile, tablet thanks to the web-responsive Checkout
  • Email: for acquisition campaigns
  • Over the phone: with the help of an operator
  • Face to face: in the agency

The electronic signature also helps to address the expectations in terms of speed as the insurer can immediately get the consent of his clients for the contrat and the SEPA mandate.

Find the right payment mix for each use case

Offering the adequate payment method is a great challenge both for the client acquisition and the perennity of the insurer’s revenues. Depending on the scenarios and the offers, it is crucial to adapt the payment methods and to find the right balance between clients’ and insurers’ benefits.

In the case of a contractual offer (housing or car for example), the payment collection methods can differ to propose recurring payments on a monthly basis or a one-off payment for the whole contract period (once a year). For an on-demand offer that does not require a contract, as for emergency services, insurers have to come with an adapted payment method for one-off payments.

SlimPay has enriched its Checkout to allow insurers and merchants to diversify and to combine the payment options. This way, the customer experience is optimised and the revenues can be secured for the following recurring payments.

For example, for the subscription to a car insurance, insurers can propose a payment by card to ensure the first payment at the subscription. For the following recurring payments, the insurers can then offer their clients the e-Signature of a SEPA mandate. The combination of payment means as card and SDD is ideal to secure the first payment and to ensure the perennity of recurring payments.

A better follow-up of your performances

By digitizing the subscription journey, insurers will also be able to follow up more accurately their activity. SlimPay offers its customers access to a Dashboard which allows a global view on the activity with a reporting on the payment statuses whether it is by card or by SDD. The insurer can connect on the Dashboard to visualise all transactions initiated and planned, all the rejects and representations of payment and the list of all signed mandates and documents.

Discover how SlimPay adapts its solution to address the specific needs of the insurance sector in terms of subscription and payment process digitalisation on our dedicated video.