Segundo, Calif. - Two U.S. surveys of property/casualty insurance customers show a large, untapped opportunity for cost control through electronic billing.Conducted for Computer Sciences Corp. by MarketSearch Corp., a survey of car and homeowner insurance billing methods found 88% of auto insurance customers and 93% of homeowner insurance customers still receive bills by mail. Yet 73% of respondents surveyed indicated they would be willing to pay their insurance bills over the Internet. A second survey that asked approximately 350 P&C professionals at CSC's Connect 2005 conference about their own personal insurance experience confirmed these findings.
By moving from traditional billing to electronic billing methods, companies can improve cash flow, lower invoicing and postage costs, automate data entry of payments, eliminate "lost" invoices and make dispute resolution simpler. Formally called electronic bill presentment and payment (EBPP), this capability includes both direct electronic delivery of bills to customers' computers and some form of online payment, such as from within the insurer's e-billing system or as electronic withdrawals customers make from their own bank accounts. CSC includes EBPP functionality in its two insurance administration systems, POINT IN for small and midrange carriers and Exceed for large P&C carriers.
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