New billing systems can have substantial effect on insurers, as legacy billing technologies can limit the efficiency internal operations, the effectiveness of customer service, speed to market for billing features and present obstacles to delivering capabilities to agents and policyholders, according to “Property/Casualty Billing Systems: A Novarica Market Navigator Report.”

“Recent studies by analyst groups and vendors have shown that at least half of insurers now consider billing to be a customer service rather than a purely financial issue,” Novarica said. “Essentially, the bar has been raised by GEICO/Progressive, as well as Amazon and Bank of America. Online self-service is now a baseline expectation of a competent provider. Expectations on mobile self service continue to increase.”

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