Electronic Billing Presentment
A case study on how using electronic billing presentment through United Mail could save your company significant time and money - and deliver big results. Let us know if we can help answer any questions on this case study.
Our client is a widely recognized national specialty insurance company. They have close to 50 years of experience, and deliver residential insurance for rental properties, vacation homes, mobile homes and specialty vehicles like ATVs and snowmobiles. They have 1.7 million customers and a network of agents throughout the US.
The insurance company's strategic direction involved providing their customers the option of receiving policies, notices, bills and other correspondence electronically through a member self-serve portal. They realized the consumer preference to communicate electronically was growing and in order to maintain current clients and help attract new clients they needed to offer an electronic communications solution. In addition to reducing print/mail costs, they also realized an e-document solution would reduce customer service calls and speed up the payment process.
Initially the insurance company considered using their internal resources to develop the online customer portal. The time period required was estimated at 9 to 12 months and the internal start-up cost was estimated at 10 times the cost of United Mail's fees. Because of their experience and confidence in United Mail's capabilities, the insurance company chose United Mail to develop their member self-serve portal. The site was up and running in 3 months and the actual cost matched the quoted rate.
The insurance company anticipated a 1% adoption rate after 12 months and calculated their breakeven point to be between 2% - 3% opt-in. After only one year, over 5% of their members opted-in for electronic delivery service. Since the site start-up they have added additional functionality including the ability to link multiple policies into one account, real-time update of account and payment status, and email verification upon receipt of an online payment. The next enhancement will provide their agents the ability to sign up new members online and include the addition of an agent locator module.