BRAINTREE, Mass.--(BUSINESS WIRE)--Invoice Cloud, an EngageSmart solution for online bill payment services, today announced significant growth in the insurance industry, having signed 150 insurance customers in 36 months. Invoice Cloud now serves customers in large commercial and personal lines, worker’s compensation, farm bureaus, medical malpractice, regional carriers, and managing general agents (MGAs)—replacing major competitors over 40 times.
The past year brought a renewed push for digital transformation in the insurance industry as a global pandemic challenged insurers to communicate, service and process manual payments, and to win new business. All had to be done without risking the health and wellbeing of employees accustomed to an in-person operating model.
With mail systems under significant pressure amid severe weather events and a significant increase in volume, the need for safe, efficient, user-friendly digital payment options has further skyrocketed. Individuals and small businesses have been under immense financial stress with global disruption and an economic downturn at play, only amplifying the need for simplification of payments.
Invoice Cloud clients have experienced remarkable, tangible benefits from the platform. California Mutual, for example, experienced a 151% increase in e-adoption and higher customer satisfaction, a 15x increase in paperless enrollment, an average decrease of 15 hours per week spent on payment reconciliation, and a decrease in mailed payments, all within 12 months of implementing the Invoice Cloud solution.
Invoice Cloud has also recently signed two large customers in worker’s compensation insurance. The company’s work with carriers of worker’s compensation insurance demonstrates the solution’s top-rate customization capabilities, as these customers often opt for a pay-as-you-go plan as opposed to the common flat fee model employed by most insurance companies.
“Invoice Cloud’s growth in the insurance sector shows that digital transformation is rapidly underway, which is an exciting and positive trend for our industry,” said Julie Schieni, Area Vice President of Invoice Cloud. “Policyholders want secure, easy-to-use digital payment options. Our proven platform enables carriers to meet those heightened expectations.”
Invoice Cloud will be hosting a webinar with Digital Insurance on April 7, 2021, to share more details about how insurance carriers can keep pace and improve retention with millennials. For more information, visit http://bit.ly/38zckkW.
About Invoice Cloud:
Invoice Cloud, an EngageSmart solution, is the leading provider of online bill payment services. Founded in 2009, the company has grown to be one of the leading disruptors in the cloud-based electronic bill presentment and payment (EBPP) space, helping legacy institutions put customer experience first. By switching to InvoiceCloud, clients improve customer engagement, loyalty, and efficiency while reducing churn and missed payments in the process. With over 2,100 clients across the US and over 50 million payments processed annually, InvoiceCloud is one of the most secure, innovative, and inclusive fintech solutions in the market. To learn more, visit www.invoicecloud.com.