Over the last decade, the insurance industry has seen dramatic changes in the billing and payment process. In order to keep up, insurers now need to support multiple channels and evolving payment methods. To this end, a recent report from Fiserv Inc. contends that enabling electronic billing and payment has a significant impact on customer satisfaction, retention and profitability.
Customers who receive paperless electronic bills at a financial institution Web site, or who use recurring payments, according to Fiserv, are more profitable for the billing organization. Among early tenure customers (customers for less than 28 months):
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