Payment processing can be a major operational headache for insurers, and insurers’ own payment systems often fail to meet the expectations of today’s convenience-oriented customers. That’s why many agencies are turning to third-party payment processors.
The latest example is Santa Clarita, CA-based P&C general agency Multi-State Insurance, which has tapped One Inc.’s ProcessOne as its payments solution-of-choice.
According to Multi-State President & CEO Raimundo Ruiz, ProcessOne will benefit the agency on both the customer experience and operational fronts. From the customer perspective, ProcessOne will offer the convenience of multiple interaction channels—including live operators, interactive voice response (IVR), the web and mobile—and the flexibility to pay by credit card, check or electronic check on a recurring or ad hoc basis. The system will also make it easy for customers to view account information online.
Operationally, Ruiz anticipates reduced transaction costs, reduced overhead and more flexible reporting. ProcessOne will also insulate Multi-State from the complexities of PCI compliance and reduce information risk through its use of token-based technology that eliminates the need to store and protect customers’ credit card numbers.
Multi-State chose ProcessOne after an extensive review of alternative third-party payment processing solutions.
“Our move to ProcessOne is part of our broader commitment to improve our customer experience across every touch-point,” said Ruiz. “By improving the efficiency of our operations, we are also helping ensure that we can offer our customers competitive pricing that complements our high level of service.”
And since ProcessOne customers pay nominal processing service fees, Multi-State will not increase its processing costs by implementing the new system.
ProcessOne is offered by One Inc., a Rancho Cordoba, California and Columbia, South Carolina-based software solutions provider focused exclusively on systems modernization and agility for P&C carriers.
One Inc. President & CEO Christopher W. Ewing notes that payments processing is an area where P&C companies are often particularly in need of enhancement. “The last thing any business wants to do is make it harder than it has to be for customers to pay their bill—yet, by sticking with outmoded systems, that’s exactly what many insurance companies are doing,” he says. “By offloading payment mechanics to us, carriers and agencies can eliminate friction in the payment process while simultaneously reducing costs and eliminating headaches that distract them from their core business.”
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